personalization: the ultimate tool for creating a competitive advantage
TRANSCRIPT
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Personalization: The Ultimate Tool for Creating a Competitive Advantage
A Presentation by BlueBolt
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Introductions: Chris from BlueBolt
Chris RisnerChief Strategy Officer
Role: Chris will be presenting the webinar.
Bio: Chris is the Chief Strategy Officer at BlueBolt. His role is to guide BlueBolt’s marketing, assist with sales, as well as advise with finance, business strategy, and strategic partnerships.
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Webinar: Basics
Ask Questions at Any time – we will come back around at the end
Recording and Slides will be made available with 24-48 hours and emailed to everyone
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Why Personalization Matters - NOW Details on How Personalization Works How to Ramp up Personalization Key Takeaways Question & Answers
Personalization Webinar: Agenda
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Why Personalization Matters - NOW
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Personalization: Why It is Important
Every business is looking for a sustainable competitive advantage Features and Functionality can be copied and
typically don’t set the business apart Most businesses claim the same things these
days - “Great people”, “Great Value”, “Great Process”
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Personalization: Why It is Important
An exemplary customer experience at every touchpoint is very difficult to copy, if it is possible at all
PERSONALIZATION is one of the critical component to establishing that amazing customer experience where customers keep coming back for more
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Personalization: Why It is ImportantVisitors are increasingly willing to give up info for it!
56% of consumers are OK with providing personal information on a website as long as its for their benefit & used in responsible ways.
Janrain & Harris Interactive This increases to 63% for millennials, which means that the overall number will continue to climb in the future.
Salesforce State of the Connected Customer Survey 2016
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Personalization: Why It is Important
BUT…don’t ask for data that you won’t actually use and ask for the information in the right way to minimize how invasive or obtrusive it is (more on this later)
In other words, don’t be afraid to ask for data that is important for providing a superior experience….
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In-house marketers who are personalizing their web experiences and who are able to quantify the improvement see, on average, a 19% uplift in sales.
Monetate/eConsultancy
Personalization: Why It is Important
Doing it right can have a huge upside
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Individual customer stakeholders who perceived supplier content to be tailored to their specific needs were 40% more willing to buy from that supplier than stakeholders who didn’t.
Harvard Business Review, CEB Research
Personalization: Why It is Important
Doing it right can have a huge upside
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Personalization: Why It is Important
Doing it right can have a huge upside Product Recommendations like upsells
and cross-sells are responsible for 10-30% of revenue
Forrester Research, 2016 Amazon has attributed a 29% increase in sales revenue to product recommendations
Fortune Magazine
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Personalization: Why It is Important
Doing it right can have a huge upside
Personalized emails improve click-through rates by an average of 14% & conversion rates by 10%
Aberdeen Research
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Personalization: Why It is Important
Doing it right can have a huge upside
Calls to Action (CTAs) in personalized campaigns resulted in a 42% higher conversion rate than generic CTAs
Hubspot
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Personalization: Why It is Important
Doing it right can have a huge upside
59% of shoppers that experienced personalization believe that it influenced what they purchased
Infosys/Vonson Bourne
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Personalization: Why It is Important
On the flipside - Ignore Website Personalization at your own Peril
Nearly three-fourths (74%) of online consumers get frustrated with websites when content (e.g. offers, ads, promotions) appear that have nothing to do with their interests.
Janrain & Harris Interactive
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Two-thirds of consumers say that they are likely to switch brands if they are treated like a number instead of an individual
89% of business buyers agree they expect companies to understand their business needs and expectations.
Salesforce State of the Customer Survey 2016
Personalization: Why It is Important
On the flipside - Ignore Website Personalization at your own Peril
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How Personalization Works
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Personalization: How it Works
“To succeed in today’s digital environment, firms must deliver smarter, more customer-centric interactions that feel like they were tailored to each user and his or her specific set of circumstances. It must be more dynamic and more predictive than current personalization techniques.”
Forrester Research
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Personalization: How it Works
What does this mean?
Email personalized with someone’s name is not enough anymore
To be effective, personalization needs to move toward anticipating what someone might be looking for before they realize that they want it
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Personalization: Personalization is…
“Dynamically and uniquely tailoring communications and experiences to be CONTEXTUALLY RELEVANT to each individual customer and their INTENT seamlessly ACROSS CHANNELS and the customer journey – at scale .”
Forrester Research
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Personalization: Personalization adds two things together…
Identifying a person’s relevant
attributes: Intent (why they do something),
potential to purchase
behavior, profile, and/or
firmographics
Customizing that person’s experience by presenting the most relevant content and
visuals
Personalization
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Personalization: Why do this?
1.It creates more meaningful interactions by serving the right content at the right time and in the right context
2.It educates and nurtures top-of-the-funnel prospects
3.It optimizes budget and lowers cost per lead
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Personalization: Why do this?
1.It creates more meaningful interactions by serving the right content at the right time and in the right context
2.It educates and nurtures top-of-the-funnel prospects
3.It optimizes budget and lowers cost per lead
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Personalization: Types of Personalization DataExplicit Data – Data obtained directly from the user, typically from formsImplicit Data – Data obtained by a users actions or behaviors across a variety of marketing areas. Examples include pages visited, location based on IP address, etc.Augmented Data – Data enriched from another source such as ZoomInfo, social media, CRM, etc.
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Personalization: Where does this data come from?
Personalization
CRM- Salesforce- MS CRM
Marketing Automation- Hubspot- Marketo
Website CMS
- DNN- Drupal
- SitecoreInternal
- Sharepoint- Intranet- Extranet
Custom- Database
- Mobile App- Others?
External- Google/
Bing- Social- Paid Source
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Personalization: Personalization in Action - Emails
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Personalization: Personalization in Action - Emails
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Personalization: Personalization in Action - RecommendationsAmazon.com
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Personalization: Personalization in Action - RecommendationsNetflix
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Personalization: Personalization in Action - Recommendations
Automatic Landing Pages
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Personalization: Personalization in Action - Recommendations
Contact Options
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How To Ramp up Personalization
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Personalization: Evaluate Where You Are Now
Beginner Intermediate Expert One or No
Channels Optimizing
Content Exploring/
Evaluating Options and Opportunities
Anonymous Quick Wins Enable Analytics Learning the Tools
More Channels More Familiar with
Technology Adding New Tools Implementation
plan created Segments known Users known Data Sources
Identified
All Channels All departments
participating Achieved SVOC
(Single View of Customer)
Data integrated Decision making
based on data
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Personalization: Assess Where You Are Now
Organizational Readiness Staff Skills Staff Availability Organization maturity Systems Content – case studies, blog posts, Ebooks,
videos, calculators
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Personalization: What Data is Currently Available & Identify Gaps
Personalization
CRM- Salesforce- MS CRM
Marketing Automation- Hubspot- Marketo
Website CMS
- DNN- Drupal
- SitecoreInternal
- Sharepoint- Intranet- Extranet
Custom- Database
- Mobile App- Others?
External- Google/
Bing- Social- Paid Source
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Personalization: Start with the root cause
Hopefully, we have already established WHY we are doing this….so, what is left?
Who? What? Where?
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Personalization: Who to personalize for? – Your target audience
B2C Company Name Company Type Industry Position in
Company Company size
(revenue/employees)
Size of vertical / industry
B2B Customer journey Location
(potentially down to zip)
Buying history Interest in
particular products Sensitivity to
pricing
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Personalization: Who to personalize for? – Your target audience
Awareness Interest Evaluation Purchase
The Buyer Journey
Prospect Customer
Google search(keyword, Geo, device) Progressive
Profiling
Clicked around site(pages visited, length of visit(s))
Download WP(email, name)
Register for webinar(topic of interest, industry)
Download Case Study(role)
Free Trial(phone number)
ROI Calculator(position)
Anonymous
Potential Start Personalization
Hot Lead
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Personalization: What to Personalize?
Calls to Action Overall User Experience (colors, fonts) Images Product Offers / Recommendations Content – case studies, blog posts, Ebooks,
videos, calculators
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Personalization: Where to Personalize?
Website Email Customer self-service portal Intranet Extranet Mobile
Recommended Starting points
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Personalization: Develop a plan
Website – CMS, Marketing Automation, CRM, Custom
Email – Marketing Automation Customer self-service portal - CRM Intranet – CMS, CRM, Custom Extranet – CMS, CRM, Custom Mobile – CMS, CRM, Marketing Automation
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Personalization: Develop a plan
Implementation Experiment – A/B Test Measure Optimize
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Wrap Up – Key Takeaways Personalization is Necessary– Users expect personalization and will give up personal information to get it.
Personalization has huge benefits – Improved revenue and higher engagement can be expected, if done correctly
Implementation can be complex – Careful planning and execution are required to get the desired outcomes.
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Questions & Answers
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Personal Info Follow upChris Risner at BlueBolt – [email protected]
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Learn More
We will send an email in the next 24-48 hours with links to the webinar replay as well as the presentation itself
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THANK YOU FOR YOUR TIME!