Personalization is a journey: from starting out with the essentials, through solving specific business challenges, to integrating data sources and channels for truly advanced personalization.
In this blog, Qubit’s VP of Product, Simon Jaffery-Reed discusses how you can decide where you are on this journey and how our product portfolio can help you to achieve integrated personalization.
Who is personalization for?
Every brand has a set of goals that are specific to their business, their industry, and ecommerce as a whole. Some prioritize short term metrics and look for technology that will act as an additional layer to an existing ecommerce strategy. Others are looking to reform their strategy with the customer at the center, and want to utilize technology to create meaningful experiences; personalization is ideal for these brands.
Someone who hasn't used personalization before will soon recognize that the core sub-verticals of ecommerce differ when it comes to the effectiveness of different personalization strategies in delivering on specific business and industry objectives. Two of the ways in which these strategies can be categorized are operational and inspirational.
A travel brand, for example, will focus on operational personalization, such as the promotion of at-risk inventory and increasing ancillary sales. Luxury brands, however, will turn their attention primarily to inspiration, as customers often look to them to understand trends.
How to decide where you are on the path to integrated personalization
There are various factors that indicate different levels of readiness and sophistication in personalization.
The allocation of resources, both human and technological, is something that brands often consider on their path to integrated personalization. Eventually, effective personalization requires customer-centricity and focus. It may require brands to create cross-functional squads, set different priorities for teams, or just require more collaboration and communication. For a lot of brands, this represents a huge transformational project where teams have to stop working in silos and start working together for the same common purpose.
Aspirations are another big consideration. Not every business starts out with an appetite to heavily invest in personalization. Personalization can solve a lot of challenges, and help businesses differentiate themselves. However, brands may have different appetites and goals. Our customers have said that they appreciate a vendor that provides a range of offerings to meet their aspirations.
Taking the steps to personalization
Brands always have the capability to transform, yet may lack the resource or goals to achieve this straight away. According to Forbes, 46% of marketers are not where they want to be in terms of delivering personalization. This is why Qubit’s focus is, with the new product portfolio, to offer “stepping stones” to transformational personalization, which enable brands to scale up their personalization with effective use-cases.
If you have a static or legacy website, you may wish to use personalization to modernize the customer experience, for a performance boost to conversion rate or revenue per visitor. While you may also want to create more sophisticated personalizations in future, the first priority and key initial goals are to deliver value. “Marketing leaders often aim high without first piloting personalization techniques,” says Jennifer Polk, VP Analyst, Gartner for Marketers.
Qubit Start is a low-effort way to prove the value of personalization with a few automated tactics and a low level of risk. It lets brands move the needle on the conversion rate before they start tackling lifetime value and more holistic loyalty metrics. This product can help open up conversations around further investment and achieve buy-in from leadership teams, whilst creating an improved customer experience.
You may already be prepared to begin at a more advanced point of the journey, as best-practice has already been established and you may be looking to accelerate your personalization program to target industry-specific goals, as well as moving customers from first to second purchase and increasing loyalty.
With Qubit Grow, brands are armed with the tools to tackle the major challenges they face. We've recognized, through the businesses we work with, that boosting repeat purchases and accelerating the frequency of purchase is increasingly one of the most important challenges for brands in ecommerce. This maturity, the progression from focusing on conversion to retention, opens up a range of more sophisticated personalization techniques based on richer customer relationships. And, when personalization is well executed, brands are seeing positive results; A Forbes study indicated that 37% of surveyed marketers saw increased sales and customer lifetime value.
Then, only when you have allocated sufficient resources, have re-architected your teams to support cross-functional teams and have already implemented customer experiences that have helped achieve vertical-specific goals, you can harness the transformative power of Qubit Pro to create highly individual experiences specific to the brand’s unique challenges.
Of course, as these products are cumulative, not additive, brands looking to deliver sophisticated experiences can also implement automated strategies as they need. This also means that for brands at the beginning of their journey, Qubit can evolve alongside their strategic roadmap for personalization.
Are you on the journey to integrated personalization?
If you’re looking on the personalization maturity curve, whether that’s ready to modernize, accelerate or transform - then come talk to us. We’re happy to help you identify where you are now, where your ambition could take you and look at what product might work best.
Simon JafferyRead More