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6 Marketing Personalization Challenges That Prevent Scaling - CMSwire

6 Marketing Personalization Challenges That Prevent Scaling - CMSwire | The MarTech Alert | Scoop.it
Personalization is a vital and expected part of today’s customer experience but it doesn’t come without challenges. That said, by using an omnichannel strategy, eliminating silos, collecting data from both first-party and third-party sources while remaining compliant with regulations, and listening to customers, brands can deliver a personalized experience that will keep customers coming back for more.

CYDigital/marteq.ios insight:

Most importantly: collecting data from zero party efforts!

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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70 Percent of Consumers say They Will Exclusively Shop with Brands that Personally Understand Them this Holiday Season - MarTech Series

70 Percent of Consumers say They Will Exclusively Shop with Brands that Personally Understand Them this Holiday Season - MarTech Series | The MarTech Alert | Scoop.it
Shoppers are going increasingly digital and their expectations around personalization are also increasing. Personalization motivates purchases with nearly half (49 percent) saying they will be more likely to purchase from retailers who send personalized content and/or offers this holiday season. Receipt of irrelevant offers is for the second year in this survey, a top consumer frustration. Today’s consumer sees being understood by a brand as table stakes. In the survey, 82 percent of respondents expect that retailers will be able to accommodate preferences and expectations.

Brands that can get personalization right will be rewarded, with consumers highly likely (70 percent) to purchase exclusively from brands that show they understand them. Two-thirds of respondents say they want retailers to make the personalization consistent and frictionless, no matter the channel. They want the same understanding from a company whether shopping on a website, in-store, via a mobile app, or reaching a call center.
CYDigital/marteq.ios insight:

Here's a thought: give consumers complete control over their data, including providing them with a means to capture their data, then ask their permission to access it in exchange for a digital reward. Can't get any more personalized than that.

 

Get the new whitepaper "Discover New Revenue Opportunities Using Extended Zero-Party Data": http://un.marteq.io/WP1/ #martech #marketing

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The importance of personalized experience in CX - TechTarget

The importance of personalized experience in CX - TechTarget | The MarTech Alert | Scoop.it
Since the judge of the experience is the customer, we want to shift to measuring the customer value. In the article noted above, Markey also shared four strategies to help organizations manage customer value, which include:

Develop robust customer-value management processes and tools. Manage current total lifetime value of your customer base and potential financial value that lies in increasing customer loyalty.
Combine design thinking with loyalty-earning technologies. The power of observation and knowing your customers' needs and constant loop of feedback along with artificial intelligence (AI) that can tailor personalized experiences to drive loyalty.
Organize around customer needs. Bridge the silos and reduce cross-functional friction to allow organizations to focus on customers.
Lead for loyalty. Align employees and the organization around the value of customer loyalty.
CYDigital/marteq.ios insight:

This is an excellent article: well-researched and makes a compelling argument for the need to deploy the deepest levels of personalization to maximize then optimize the CX. Strongly recommended.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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Epsilon launches brand consideration metrics at individual level - MarTech Today

Epsilon launches brand consideration metrics at individual level - MarTech Today | The MarTech Alert | Scoop.it
Exclusive to MarTech Today, data-based digital marketing platform Epsilon said it has launched what it calls an “industry-first solution” to measure the impact of brand campaigns at an individual level, superseding self-reporting from small sample groups.

The solution is part of Epsilon PeopleCloud, a platform which supports personalized customer journeys. The output is a brand consideration metric, defined as the percentage of consumers who, after receiving a brand message, go on to visit the brand’s website, open a brand app or email, or research the brand on a third-party website.

The primary focus is on brand consideration, rather than consideration of specific products and services. “However, we can use the insights to understand if people considering a brand browsed certain categories,” Matt Feczko, Epsilon’s VP Product Management told us. “In addition, we can measure the impact of lower-funnel sales and purchases of specific items or categories. Ultimately, we can understand how many people eventually bought tennis shoes (online or offline) from those who browsed the tennis shoe category.”
CYDigital/marteq.ios insight:

And it relies on the CORE ID, so its impervious to the elimination of cookies.

 

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Brand Loyalty 2020: The Need for Hyper-Individualization - Formation

Brand Loyalty 2020: The Need for Hyper-Individualization - Formation | The MarTech Alert | Scoop.it
• Our 4 key findings and tips for marketers and customer loyalty experts: 81% of consumers are willing to share basic personal information in exchange for a more personalized experience.

• Why basic customization and segmentation tactics are no longer enough — 75% of consumers said the marketing emails they open frequently contain segmentation, indicating these are now table stakes.
CYDigital/marteq.ios insight:

You cannot separate personalization from rewards: if you want to hyper-personalize...much less personalize...you need to extricate far more information from consumers in exchange for digital rewards.

 

We have the solution.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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Personalization Will Never Happen if We Keep Siloing Our Software Stacks - CMSwire

Scott Brinker's martech landscape supergraphic breaks down the 8000 plus marketing technology applications listed into six high-level categories. The two primary categories relevant to the personalization conversation are "Content and Experience" and "Data." Data gives us the understanding of the customer, and the Content and Experience category covers the ability to create, manage and deliver content to your audience.

Personalization happens at the intersection of Data and Content. It is in the careful orchestration of customer data and content that truly meaningful experiences are born. Personalization, Optimization and Testing is the martech category that aims to bridge this gap, however personalization engines rarely succeed due to the wide distance between data and content and its complete separation from the data side of the equation.
CYDigital/marteq.ios insight:

This is true if you look at Content at the broadest sense of the term, e.g., an offer, an ad, messaging, etc. It's not limited just to white papers and one pagers.

 

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How Social Media Platform Data Could Be Hurting Businesses

How Social Media Platform Data Could Be Hurting Businesses | The MarTech Alert | Scoop.it
Dirty data can have a negative effect on a company’s bottom line, with some business leaders estimating erroneous online accounts have cost them 12% of their overall revenue. In addition to lost revenue, dirty data can result in wasted time, missed opportunities, ineffective marketing strategies and poor engagement. Overall, poor data quality has cost the US economy approximately $3.1 trillion annually.

Better quality data has a wide range of benefits for businesses including increased productivity, faster sales cycles and access to information to help management make more informed and better decisions. Companies that rely on clean, accurate data have an estimated lead-conversion rate of 68-1 compared with 143-1 for those that do not. On average 79% of companies that use personalized marketing campaigns exceed their revenue objectives. But correct data in the first place is essential to personalization.
CYDigital/marteq.ios insight:

The best data? Data that is owned by the consumer.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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Brand management in the age of hyper personalization - Transform

Brand management in the age of hyper personalization - Transform | The MarTech Alert | Scoop.it
Due to unprecedented access to detailed consumer buying behaviours and needs, brands now have in-depth understanding of consumer preferences. These needs can be addressed at an individual level, in a highly customised way and with the ability to scale. This has resulted in hyper-personalisation of brand offers.

The hyper-personalisation of offers creates significant challenges from a brand management perspective. Personalisation exerts immense pressure on core brand identities. If a brand is “different” for everyone, then in the real sense it is not a “brand” anymore. For marketers, maintaining a strong, cohesive brand identity while remaining relevant to individual consumer needs is now a critical balance to achieve.
CYDigital/marteq.ios insight:

Huge difference between a brand and the delivery of the brand's benefits, and the article points to this.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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5 Of The Most Reliable Ways To Improve Your Clients' Experiences - Forbes

5 Of The Most Reliable Ways To Improve Your Clients' Experiences - Forbes | The MarTech Alert | Scoop.it
It’s Simple, Really: Under-Promise And Over-Deliver
Get (Appropriately) Personal With Customers
Keep Customers In The Loop (As Much As They Like, At Least)
Go Out Of Your Way To Protect Your Customers’ Time
Work To Build A Culture Of Genuine Customer Appreciation
CYDigital/marteq.ios insight:

Personalization based on the consumer's complete digital story, not just your slice of his/her story.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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Movable Ink raises $30M as it expands its personalization technology beyond email marketing - TechCrunch

Movable Ink raises $30M as it expands its personalization technology beyond email marketing - TechCrunch | The MarTech Alert | Scoop.it
Movable Ink, a company that helps businesses deliver more personalized and relevant email marketing, is announcing that it has raised $30 million in Series C funding.

CEO Vivek Sharma said the money will be spent on three broad categories: “Platforms, partners and people.”

On the platform side, that means continuing to develop Movable Ink’s technology and expanding into new channels. He estimated that around 95% of Movable Ink’s revenue comes from email marketing, but he sees a big opportunity to grow the web and mobile side of the business.
CYDigital/marteq.ios insight:

Personalization software may be the fastest growing category in marketing technology.

 

Join the marteq.io white list to receive pre-launch benefits: https://un.marteq.io/wl1/ #martech #marketing

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Brand Loyalty 2020: The Need for Hyper-Individualization - Formation.ai

Brand Loyalty 2020: The Need for Hyper-Individualization - Formation.ai | The MarTech Alert | Scoop.it
In our survey of 2,000 U.S. consumers, we found that over half (58%) are more loyal to brands than they were five years ago. This consumer loyalty translates directly to higher brand engagement — and more dollars spent. But with so many brands in the marketplace and the uncertainty of the pandemic, reaching consumers is more difficult than ever. Our results indicate true 1:1 personalization is critical to earning consumer loyalty. Read our report and learn:

• Our 4 key findings and tips for marketers and customer loyalty experts: 81% of consumers are willing to share basic personal information in exchange for a more personalized experience.

• Why basic customization and segmentation tactics are no longer enough — 75% of consumers said the marketing emails they open frequently contain segmentation, indicating these are now table stakes.

• How Millennials and Generation Z compare with different age groups (and income levels) when it comes to personalization and customer loyalty.
CYDigital/marteq.ios insight:

The report is available behind a reg form. Formation.ai uses AI/ML to formulate approaches to personalization. FWIW: marteq.io uses real-time consumer behavior for its personalization, based on extended zero party data.

 

Follow us on LinkedIn and qualify to use the Marteq platform at no charge! https://www.linkedin.com/company/marteq-io #martech #marketing

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MarTech Insider Anand Thaker: Marketing Not Aimed at Building Real Relationships with Customers? Cut It. - Small Business Trends

MarTech Insider Anand Thaker: Marketing Not Aimed at Building Real Relationships with Customers? Cut It. - Small Business Trends | The MarTech Alert | Scoop.it
One of the first things is marketing, yes or no? That’s not the right question to ask. That correct question is, is the marketing efforts or spend that you have, are they engaged in building a relationship with a customer? If it’s not part of the journey or if they’re not responsible for the entire journey back into the business operations of the company, then yeah, maybe need to consider cutting it, because it’s an expensive spend and you’re basically competing … You’re selling against yourself. You spend a dollar, someone spends 105, then you got to spend 110, then they spend more and then you have to spend more, but if your marketing spend is basically driven on developing a deeper relationship, meaning you are training your staff, frontline staff perhaps, at a retail store, on developing better experiences, or you’re working on the digital journey for how people buy, or trying to come up with different ways to help your customers make a decision, or help them, say, like in a fintech world, like you have some sort of financial services option, you’re trying to help them be better financial … financially savvy.
CYDigital/marteq.ios insight:

It's guidance that's applicable to B2C and B2B. And building relationships is all about the degree of personalization applied. But here's the catch: weak personalization can be sniffed out and seen as phony, and will work against the marketer. Marketers...brands, agencies, retailers...need a robust personalization solution.

 

marteq.io is the peak of personalization, where consumers share their full digital story with brands and retailers. Learn more: https://www.marteq.io #martech #marketing

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How marketers can balance privacy and personalization | Ad Age

How marketers can balance privacy and personalization | Ad Age | The MarTech Alert | Scoop.it
Organizations are focusing data investments on the pursuit of a holistic cross-channel understanding of peoples’ and households’ data identities. Spending on identity-related data has grown over 50 percent in recent years. But understanding and resolving identity requires personally identifiable information and therefore can cause heartburn for those new to directly handling this type of data.

It makes sense that most media companies and ad tech and martech providers have chosen to stay away from directly handling consumer data. But those same companies know this: Without partners that directly manage consumer data supporting them, they’d be in trouble.

An accurate, reliable foundation of identity underpins the push-pull balance of privacy and personalization. Without a detailed view of data identity, the marketing ecosystem can accomplish neither.
CYDigital/marteq.ios insight:

When marketers give consumers control over their data, and permit marketers to access any part of that data, the privacy/personalization balance is achieved.

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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6 tips for optimizing your personalized marketing efforts | Ad Age

6 tips for optimizing your personalized marketing efforts | Ad Age | The MarTech Alert | Scoop.it
1. Have reliable creative asset templates.
2. Choose the right technology.
3. Pick your targets carefully.
4. Tap into emotional insights.
5. Leverage artificial intelligence.
6. Understand the limits of personalization.
CYDigital/marteq.ios insight:

Note #3: the better approach is to let your targets pick you! Reverse the process!

 

marteq.io delivers zero party data solutions that significantly reduce digital advertising costs. Learn more: https://www.marteq.io #martech #marketing #adtech

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Luxury Institute: The Rising Tide of Advanced Personalization - Marketing Technology Insights

Luxury Institute: The Rising Tide of Advanced Personalization - Marketing Technology Insights | The MarTech Alert | Scoop.it
Marketers and their IT support teams cannot blame technology for their inability to execute advanced personalization. The massive normalization and storage capacity for Big Data exists and the algorithms are getting better daily. Data scientists are finally maturing into domain experts with ethical wisdom. Communication and interaction channels are abundant, with in-person and mobile leading the way. Innovating new products and services is a core skill at top brands. Security is an issue for all, but there are better, growing ways to encrypt and secure data, including legitimate blockchain innovations. The technological capabilities for enhancing and scaling personalization are ready, willing and able.

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