Customers are faced with a plethora of choices in today's retail environment so for a business to be able to stand out, it should be able to give the customers what they want. With the diversity of products, the discounts and promos, and the high number of online players, customers have so much to choose from.
And one way of making an impact to a customer is to personalize their experience with your company. By tailoring your products and services to fit their needs and wants, you will be able to build longer lasting relationships with your clientele as well as boost your sales.
According to a report from Epsilon, the global leader in creating connections between people and brands, 80% of customers are more likely to make a purchase when businesses are able to provide ad personalized experience. So you must do your best to get to know your customers as individuals with unique characteristics, desires, needs, and stories. Simple things like addressing customers by name and referring to their interests and passions can go a long way in developing a solid client relationship.
While personalizing your interactions with customers will require more time and research, the long-term benefits will outweigh any of the costs incurred. Getting to know your customers better will also ensure that they remain loyal to your brand and may also encourage them to spread the word to other potential clients within their spheres of influence.
A key means of developing this personalized customer experience is by shifting to digital operations. Epsilon surveyed several industries and identified that a vast majority of customers are more likely to patronize certain businesses if these offer personalized experiences. These industries include: grocery/drug store websites and mobile apps, travel and leisure websites and mobile apps, and automotive industry websites/mobile apps.
Kevin Mabley, Epsilon's SVP for Strategy and Analytics, talks about the importance of this trend:
“Digital transformation is no longer optional. It is required for brands to improve customer experiences and remain competitive. The research findings are further evidence that bringing together customer intelligence and customer experience to drive personalization has a direct impact on a brand’s bottom line,” shared Mabley. “Yet, many brands are still lacking the end-to-end digital maturity required to be successful, including a customer-centric organizational structure, connected and integrated marketing technology and actionable data-driven insights. I look forward to helping more of our clients become industry leaders in digital customer experience and enabling them to better serve their customers as a result.”