This is an excerpt from OneSpot’s newly released Executive Marketing Brief – Truth, Lies, and Personalization: What Keeps CMOs Up at Night written by OneSpot CEO, Steve Sachs, and Chief Strategy Officer, David Brown.
There has been a significant uptick in marketers’ efforts to prepare and deliver more personalized messages and experiences across all channels. Forrester reports that 91% of marketers have included personalization on their 2019 roadmap.
In interviews with 10 leading chief marketing officers (CMOs), OneSpot was able to better understand the reasons why marketers are taking this path, the capabilities they desire, and the challenges they face.
Why Are CMOs Pursuing Personalization?
CMOs believe that a more personalized approach will lead to deeper relationships with customers, higher conversion rates, and increased sales. They also believe personalization will serve as a defense strategy if they are competing against the likes of Amazon or other direct-to-consumer brands. In an environment where marketing investments are being questioned in a slow-growth US market, personalization is seen as an appropriate response to greater accountability for that investment.
The case for personalization is especially clear for brands that thrive on a passionate audience, where there are high levels of engagement. Brands like Warby Parker, YETI, Adidas, and Apple rely on customer loyalty and omnichannel content experiences to drive ongoing engagement.
Companies who work directly with customers see personalization more as “business as usual.” Companies who work through wholesalers or retailers see personalization as innovation. All companies view personalization, and the benefit of creating a better relationship with prospects and customers, as a strategic point of difference, and one to be pursued.
In our conversations with CMOs, the most sophisticated ones understood that personalization would allow for a much richer understanding of their customer segments. Segments will proliferate, uncovering which are your friends, and which are your acquaintances and friends of friends. They also understand that the benefits will transcend marketing and be a critical input into product development and supply chain management.
For more insight on what CMOs need to succeed with personalization and the challenges they face, download your copy of the complete Executive Marketing Brief – Truth, Lies, and Personalization: What Keeps CMOs Up at Night.