In today’s content and product-saturated marketplace, personalization is the key to standing apart from the competition.
By 2020, customer experience is expected to overtake price and product as the key brand differentiator, and companies globally will lose over $300 billion each year due to poor customer experience.
Given those numbers, failure to personalize customer engagement will negatively impact an organization’s conversion and retention rates, making it difficult or impossible to remain competitive.
While a highly relevant customer experience is essential, simply implementing a personalized marketing strategy is no longer enough – it is necessary that organizations structure themselves around the customer across all lines of business.
They must stop looking at customers from siloed marketing, sales, and service perspectives and leverage a 360-degree view of the customer that accounts for every interaction they have with the brand.