“Half the money I spend on advertising is wasted; the trouble is I don't know which half.” You’ll have heard that hundreds of times. And Jon Wanamaker’s famous quotation sprang to my mind last week as I read the Biznology statistic that, at least in the B2B arena, data is said to be decaying at a stonking rate of 70% p.a.* Similarly, we don’t know which 70%!
The decaying data dilemma has always had a part to play in the marketers’ reluctance to push personalisation to its limits. The recent Tealium/Drum** report “The Pressure to Personalise” which surveyed 200+ UK marketers explored the other contributing factors; this is a summary of its key findings:
- 69% believe that personalisation is “very important” to the customer experience
- And 80% believe that it impacts significantly on brand perception
- While the channels capable of personalisation continue to grow, only 40% are unifying customer data across these
- Technology, budget and expertise all rated as greater barriers to personalisation of the customer experience than data
- 42% are providing dynamic content to their customers (though hardly any are providing dynamic creative)
- While data does figure, technology, budget and expertise are felt to be the greater barriers to dynamic content too
- On the plus side, 60% believe that they and their organisations are learning and becoming more sophisticated with their personalisation
- However, consumers tended to disagree with this. In a WARC study some 40% of consumers found “nothing of interest” in the personalised communications they received.
- Email ranked as the top marketing channel for “personalisation effectiveness”
- Offline was ranked 5th (out of 8)
- 53% are currently providing an offline personalised experience
- This 53% is a sharp increase from the 23% in 2014***
Knowing it yields results means that marketers will continue to put themselves under pressure to tailor, customise and bespoke their messaging; while the mounting expectation and demands from customers probably won’t be great for their hyper-tension either!
*** Econsultancy’s 2014 Conversion Optimisation Report https://econsultancy.com/blog/65789-four-key-findings-from-our-conversion-rate-optimisation-report/