Download the report: http://www.l2inc.com/research/personalization-2015
Personalization – or the ability to predict what the consumer will want before they even know they want it, and then grease the path to purchase – is a priority for 33% of global marketers.
But the barriers to execution are complex and require true organizational transformation – including management buy-in, technical up-skilling, and de-siloing of data across channels.
Successful personalization requires a three-fold approach to data that aligns availability, usability, and organizational fluency.
Yet only one-third of brands report having enough usable consumer data, as well as the internal capabilities to transform the data into personalized touchpoints. Another third report having consumer data, yet lacking the skills to action it, while still another third of organizations feel they don’t have enough data to embark on personalization.
Although some brands are still in the wait-and-see phase, organizations that have embarked on their personalization roadmap are finding incontrovertible ROI.
Heavyweight retailers are investing ahead of the curve – in October 2013, Staples acquired Silicon Valley startup Runa in order to bring personalization technology and talent in-house. The brand can now serve retargeted media across the web, containing individualized offers based on past browsing behaviors.
L’Oréal Paris has also set the bar, using consumers’ physical characteristics to deliver timely coupons and product recommendations. Best Buy leverages its omnichannel capabilities to personalize their site experience based on location, dynamically updating shipping costs, arrival dates, taxes, and local store pick-up options.
This report attempts to uncover the tactics that will help organizations unlock further return on their personalization efforts across channels.