The Modern Challenges of Marketing Personalisation
August 06, 2019 • 3 min read
Here’s one thing you don’t need market research to tell you: customers, in all demographics and sectors, have become more cynical of marketing.
Put simply, they can smell BS a mile away.
Now more than ever, customers expect more from their brands and are increasingly willing to hold them to account. The latest research from Mention-Me shows that 67% of consumers would prefer to discover a financial services brand or product themselves (through research or a recommendation), compared to 33% via traditional marketing channels.
According to Hubspot, personalised CTAs have been proven to deliver 202% better conversion and SalesForce has revealed that 57% of online shoppers are willing to share personal data in exchange for personalised offers and discounts.
Ineffective marketing also carries with it an added risk. Customers are more willing to screenshot and expose impersonal interactions and hold brands to account, publicising their shortcomings and ‘anti-marketing’. Brands can’t afford to get this wrong.
The challenge for businesses is obvious and they simply have to deliver to these expectations. Whilst 80% of companies believe they deliver ‘super experiences’, only 8% of customers agree (Bain & Company). There’s a long way to go, and as experiences improve the bar will only rise..
The key to this is personalisation
To understand the extent that CX and UX now influences success, we just have to take a look at a modern disrupter like AirBnB. They've not only built a business model like no other, but they've made it so a great user experience is always at the heart of their offering.
Surabhi Gupta, Director of Engineering at Airbnb has been open about the firm's expansive deployment of machine learning and how they've used AI to drive better personalised experiences.
"We match guests not just with hosts and listings that align with their preferences, but also with neighbourhoods and experiences that meet their needs and interests, which makes for a better consumer experience through and through".
Not only have they disrupted and grown, but their CX has done their marketing for them. However, personalising a marketing strategy is a complex thing to achieve given the growing number of customer protection regulations (such as GDPR) that need to be satisfied at the same time.
Bringing compliance and marketing together
This is a fast evolving issue and even the biggest and most successful brands have struggled to keep up. At MirrorWeb, we help companies become digitally accountable every day through our archiving and compliance solutions. Therefore, we decided to talk to the experts about how personalisation can simply be a hurdle and not a roadblock.
Leading financial services firms are using the MirrorWeb Archiving Platform to help remain accountable online, archiving their entire digital presence for the purposes of compliance.
The platform enables you to capture, archive and monitor electronic communications to meet the compliance requirements of MiFID II, FCA, GDPR and FINRA.