Mike Harris, VP EMEA at Monetate speaks to Talk Retail how personalisation is the way forward for retailers. They should think about creating a ‘return on experience’ for customers.
Buying customers are vital to any brand, whether they are making their first ever purchase or are a life-long advocate; without them a business simply wouldn’t exist. This not only means that targeting them with relevant and engaging content should be an absolute priority, but that it is equally important for the business, and ultimately the customer, to be able to quantify the success of these experiences.
Online content personalisation is ideal for successfully delivering relevant and timely experiences to consumers. From delivering a different online experience to customers across various geographic locations to generating a seamless multichannel experience regardless of device, personalisation ensures that customers’ preferences remain at the heart of the business. According to a survey by Deloitte, 92% of brands are either using personalisation or planning to, but how exactly should they be measuring the value it brings?
When quantifying personalisation it is important to consider all benefits of the technology, but above all ensure the return on the customer experience is at the forefront of the results. In this article, Mike Harris, VP EMEA at Monetate, will discuss the three key ways in which brands can truly benefit from personalisation. These are:
- ROE – Return on Experience – Missguided and Radley are savvy brands who by tracking the return delivered by individual experiences saw dramatic uplift.
- ROI – Return on Investment – this more traditional approach looks at the overall return delivered by personalisation technologies, in particular taking into account the total cost and benefits with certain brands seeing an ROI of 595% in just one month.
- Customers not cookies –personalisation gives brands the ability to view customers as individuals, rather than data, for more specific targeting and a synchronised cross-channel experience.