Moving from mass personalization to true individualization may seem like a matter of semantics, but the distance between the two concepts is significant.
Imagine for a moment that all-too familiar situation: Your phone buzzes with a new email from a favorite retailer. Because you know and trust the brand, you're hoping to receive a unique offer -- one that compels you immediately to act -- but the more you read, the more you're disappointed by the near misses in the message. The offer isn't really for you, it's just addressed to you.
What you were expecting instead was an offer built exclusively for you -- one that has taken your online and offline data, your purchase and browsing history, and your preferences into consideration; one that has analyzed every bit of data you've provided in order to create a communication that has your name written all over it, instead of merely having your name attached to it.
Today's savvy consumers agree that a "close enough" experience simply isn't good enough anymore. In an always-on environment, your customers have 24/7 access to a broader set of engagement options, and when they share information about themselves, they want and expect brands to provide individualized offers, delivered in real-time.
Developing data-driven marketing initiatives that move beyond basic segmentation into true one-to-one individualization in a real-time context is the next big step for today's marketers. It means using data in a more integrated manner to enable agile, more accurate decision-making. And according to the Teradata 2015 Global Data-Driven Marketing Survey: Progressing Toward True Individualization, marketers understand the difference and are moving to create experiences catered to each individual customer. In fact, four out of five marketers report they've made it a priority to deepen their understanding of customer behavior beyond transactional data, and 85% use that additional data to drive their marketing.
This represents a significant shift in the way marketers and marketing executives are thinking about customer acquisition, retention, and relationships. Marketing executives are prioritizing a more holistic understanding of their customers across all interaction points because that depth of understanding sets the stage for true individualization. When marketers are able to master true consumer individualization, customers take notice. And customers who are satisfied, delighted, and engaged with brands are customers who are inclined to continue choosing that brand experience -- and to share it with their friends.
Knowing each customer on an individual level is essential to making meaningful connections, and that knowledge begins with marketers developing a single and continuous view of the customer -- one that's based on integrated data. The research shows that marketers are making measurable strides to gain this valuable customer view. In 2013, only 18% of marketers claimed to have a single, integrated customer view, but that number jumped to 43% in 2015.
Although marketers control more data than they did a year ago, they're still faced with some common impediments when creating a seamless, cross-channel customer experience. Their biggest challenges? Effectively aligning marketing and IT and breaking down internal data silos to enable a more holistic customer view.
A vast majority of marketing executives (92%) agree, however, that integrated data across teams can enable the delivery of relevant offers and interactions to drive improved customer service. That means today's marketers are well-positioned to present a compelling business case for investing the time and resources necessary to fully integrate their customer data. They can then create a holistic and integrated approach to customer data and continue their progress toward delivering a truly individualized customer experience.
Where does that leave customers? Exactly where they want to be: Back in the store, phone in hand, with digital offers that hit the mark every time (and in real-time), compelling action, building loyalty, and strengthening brand engagement.
Learn more about developing, maintaining, and nurturing stronger customer connections with individualized data insights here.
Teradata helps companies get more value from data than any other company. Our big data analytic solutions, integrated marketing applications, and team of experts can help your company gain a sustainable competitive advantage with data. Teradata helps organizations leverage all their data so they can know more about their customers and business and do more of what's really important. Visit marketing.teradata.com.