For decades, marketing futurists have held out the promise of personalization at scale—i.e. the ability to dynamically tailor every interaction that every customer has with their brand, based on their unique wants and needs. And for those who can achieve it, the potential rewards are game-changing, according to a 2017 McKinsey report:
At 41% of retailers surveyed, personalization drove a 50-100 percent increase in revenue.
15% said personalization grew revenues as much as 100 to 300 percent.
In new article in Martech Today, ActionIQ’s co-founder and CEO Tasso Argyros says these kinds of results are finally within reach of all kinds of brands—not just digital-first leaders like Amazon and Netflix.
Argyros diagnoses the pitfalls that have held prevented many brands from achieving personalization at scale—and explains how a small-footprint “smart hub” approach can speed and simplify the journey by connecting the entire personalization process, including:
- Unification of all relevant customer data, regardless of source
- Sophisticated decisioning on all that data
- Instant, seamless activation of those decisions across any channel.
“For more than a decade, brands have chased the promise of 1:1 marketing, only to have the prize snatched away as new systems and datasets undermine every attempt to integrate customer data, intelligent decisioning and omnichannel execution,” write Argyros.
The “smart hub” approach addresses this challenge head on, according to Argyros, building agility into the core of your personalization processes. You can leverage all your data and connect to any channel—no rip-and-replace necessary. And you can grow and scale quickly to accommodated new channels and systems whenever they come online.
Read the full Martech article.