Personalisation is the hot topic of marketing. With 80% of consumers stating that they are more likely to buy from brands offering a personalised service, and 55% of marketing professionals declaring personalisation increases conversion rates and promotes growth, it explains why this is a key factor that all marketers should consider.
In the Technology CMO Outlook Report, Chapter 1 discusses in detail the importance of personalised marketing. It also gives readers an exclusive insight into how experts within the technology field have adapted their marketing strategies to their consumers during and post the Coronavirus pandemic.
Understanding your audience is essential! By creating hyper-personalised content, you are showing your audience that you care. That’s why 86% of consumers are likely to support a brand that comes across as authentic and not one which bombards its customers with generic information.
Oliver Pilgerstorfer, Chief Marketing Officer at IFS, explains how during COVID, many events were cancelled and face time interactions were cut short to almost nothing. Although the practical thought process for IFS was to go digital, in reality, they realised it was much deeper than that. IFS had to do further research to discover what their audience wanted. Oliver noticed that their audience were in different parts of their buying journey. Some were stepping back and saving money, whereas others were using the pandemic as a way to restructure and rebrand. Therefore, it was necessary for IFS to cater for their customers’ new needs based on these circumstances.
Having a hyper-personalised strategy when marketing can improve customer loyalty. A consumer is more inclined to stick with a company if they cater to their downfalls and their uprises. In particular, during the pandemic, numerous businesses struggled and shifted the way they worked. It was an uncertain time, but changing strategies was the only way for survival. Hyper-personalised strategies require change during difficult times to cater for all. Although Artificial Intelligence (AI) tools can generate data, it is up to marketers to provide a suitable strategy for all those affected by the pandemic; whether their business was excelling or crumbling.
“As audiences have become more savvy, diverse and informed, we recognise that executives want more than to be talked to – they want an experience that feels both personal and authentic. We must remain agile, customer-focused and aware that things change, and we need to be prepared to change too.”
- Gemma Davies, Senior Director of Global ABM & CXO Engagement ServiceNow, explains the approach ServiceNow have taken during this time.
With the introduction of multiple Artificial Intelligence (AI) tools, marketers' lives have become much easier when it comes to personalisation. AI can be used for gathering and assessing data whilst monitoring trends and patterns of the company's audience. It’s incredibly fast, accurate and often free from error.
However, with that said, AI should not be the sole focus for personalised marketing. Tech experts are all in agreement that human empathy is required when targeting your audience, especially during the COVID-19 outbreak, where businesses were put in difficult positions and had to make tough decisions.
“With companies cutting back, factories closing and employees across many industries getting furloughed, we had to be mindful of our marketing messages and lead with empathy”
- Maya Price, Marketing Director of SAP.
Although AI is an exceptional addition to have when gathering information, AI has a long way to go before it can completely sympathise and understand human behaviour. Therefore, marketers have to work extremely hard to do their own research and see where consumers are in their buying journey to cater to them individually.
Chief Marketing Officer of IFS, Oliver Pilgerstorfer, and other experts stated that during the pandemic, they changed their core messaging. They realised the need for understanding what they could offer their audience to support them during the pandemic. Some offered free subscriptions for services and others offered lower pricing. Some tech experts stated that they branched out into online content marketing and provided free thought-leadership content to aid those who were struggling.
The pandemic has shifted the way many people work, as 46.6% of people in employment began working remotely. Roughly 86% of these people did so due to COVID-19. With the work-from-home scheme becoming a widespread ‘norm’, many employees became comfortable working remotely. In fact, 65% of employees stated that they would prefer working from home post-pandemic. There are several reasons behind this, a common one being the luxury of receiving anything and everything whilst in the comfort of your own home. This became a visible trend when companies started going back to normal.
They found that whilst some consumers enjoyed having information and services on-demand, others wanted a more face-to-face experience. As a result, tech marketing experts have predicted that a hybrid approach to marketing may need to be taken to cater for those who want a face-to-face experience and those who would rather stay at home.
Another factor to consider post-pandemic is what stage an individual is at on their buying journey. Some businesses have grown stronger through the pandemic, whilst others have struggled immensely. Instead of voicing the same message to all, marketers should personalise their messages based on their consumers’ individual needs. This again brings back the importance of hyper-personalised content.
Only 9% of marketing professionals have a hyper-personalised strategy, and only 62% of marketing professionals are having discussions around implementing one but have not yet done so. This is incredibly problematic because failing to have a hyper-personalised strategy can put businesses at a disadvantage by blocking them from achieving their full potential. Therefore, when moving forward from the pandemic, implementing a hyper-personalised strategy is vital if you want to stay connected with your customers.
“I think that the biggest challenge for marketers is going to be finding the right balance in their marketing mix. Yes, people will still want to travel for certain things, but it’s unlikely that events will be anything like they were in 2019. So, I think making sure that we adapt quickly to how people behave will be our biggest challenge.”
- Oliver Pilgerstorfer, Chief Marketing Officer at IFS.
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