The topic of personalization has been in our crosshairs for quite some time. Like the drill bit is to the hole, you might say customer data is to personalization. The drill bit is a necessary tool to create a hole, but we buy the drill bit not to own it for its intrinsic value, but to allow us to make holes.
When marketers became focused on collecting as much customer data as possible, they realized they were creating a tool to improve their connections with customers and create deeper relationships. What has transpired since in the advancement of personalization is, well, disappointing.
Apparently, uncovering the root cause of marketing’s under performance with data intrigued the folks at Bond Brand Loyalty as much as it did our Wise Marketer staff. Bond Brand Loyalty has just released a new report: “The Pursuit of Personalization” authored by Scott Robinson, VP Loyalty Consulting. Among other powerful findings, the report showed that only 22% of loyalty Members are very satisfied with the level of personalization they get from brands with which they interact.
As Scott stated in this report, “The promise of making customer experiences as relevant and individualized as possible via data insights is alluring to every brand. Achieving proficiency in data-driven personalization would be a new way to differentiate, boost engagement, and drive growth. Today, nearly every brand is pursuing personalization, yet precious few get it right.”
Bond suggests in this new paper that personalization has lost its shine. Marketers are still struggling to get it right, while customers themselves are tired of brands mining a wealth of information about them, but not using it to create the experiences they want.
We were energized reading this new report from Bond and agree with them that it’s time to move personalization forward; moving it from the purchase to the person. You can download “The Pursuit of Personalization” on the Bond Brand Loyalty website here.
We wanted to know more, and we also know that some of you would rather listen than read. For that reason, we connected with Scott Robinson for a quick interview to talk about the findings in his new paper and to get his personal insights on the topic.
You can listen to the full interview above. Hint; it’s not that long, but worth every second. We guarantee it!