Why Personalization Matters in 2021
The number one thing that personalization does for your business is to reduce friction in your sales funnel.
When customers are finding exactly the product they need at exactly the moment they need it, they’re far more likely to convert. Moreover, a serendipitous shopping experience makes customers happy. Personalization programs have been shown to increase customer satisfaction, leading to more repeat customers and long-term brand loyalty.
In case those benefits aren’t enticing enough, you should also know that failing to deliver personalization can have consequences.
According to Infosys, 74% of shoppers feel frustrated when online content isn’t personalized for them. If you’re not doing a good job of delivering tailored experiences - or not delivering them at all - customers will be quick to notice. Without personalization, your business could be losing sales to competitors.
3 Ways to Improve Customer Experience
So how can your brand deliver the customized journeys that shoppers want? We’ll highlight 3 ways to improve your customer’s experience.
Know Your Customer
There are few things more frustrating to customers than receiving an offer for a product they don’t want - or worse, one they already bought. Yet this happens all the time. More than 58% of consumers say that companies try to match them with products and services that simply aren’t a fit.
Learning more about what your customers want is the first step to delivering it. Your business should have a profile for every customer based on what they’ve bought, what they’ve viewed, and any other information you can gather. Don’t be afraid to ask your customers for feedback on your recommendations, either.
Give and Take
Customers understand that in order to get the personalized experiences they want, they need to give up some information in return. In fact, 57% of shoppers are willing to share their information if they receive personalized offers in return.
If you can demonstrate to customers that they’ll be rewarded for sharing information with your business, they’ll be more likely to share their data in the future. That helps build a virtuous cycle of ever more personalized experiences and better customer retention.
Turn Bouncers into Buyers
A whopping 80% of consumers say that they’re more inclined to purchase from a company that delivers personalized shopping experiences versus one that does not.
Even starting out with small personalized touches can have a big effect on your conversion rate. Recommend similar products to the ones that customers have bought in the past or automatically send reminders when it’s time for a disposable product to be repurchased. You can also score points with many customers simply by adding their name to your product label.
Meet the Pre-Pop
Here at BestMoney, we think a personalized experience is key. That is why we have developed the Pre-Prop, which is used to pass dynamic values to our partners using just the click URL.
The Pre-Pop, short for pre-populated forms, is used to pass various data points collected as the user interacts with the site’s filters and pre-qualification questions. These data points are then processed and "pre-populated" on the partner forms, thus reducing friction and making the partner funnel shorter, which in turn should result in conversion rate improvement.
For example, User A selects a loan amount of $50,000 with a good credit score while on the personal loan comparison chart. When User A selects a relevant lender, his information will already be pre-populated in the application.
The goal of this new feature is to create a smoother, more personalized user experience, which will result in an improved conversion rate.
Personalized customer experiences are essential for marketers in 2021. Delivering them can boost your conversion rate and customer satisfaction, as well as help you stay one step ahead of competitors.