Digital personalization at scale could be referred to as the holy grail of marketing. By delivering messages that are attuned to and can even anticipate customers’ needs, companies can enhance customers’ lives while hugely increasing engagement and loyalty. However, marketers often view large-scale personalization as a daunting undertaking, requiring millions in IT investments. But this doesn’t have to be the case. And indeed, the benefits of personalization for the customer translate into benefits for the company as well, with a reduction in acquisition costs, and increases in both revenue and efficiency of marketing spend. Many companies, however, still struggle to scale across all the ways they engage with customers despite having plenty of technological tools at their fingertips. In this article, McKinsey acknowledge that the real challenge is to transform the marketing organization’s processes and practices to achieve the full potential of personalization. Check out the four key steps they identify that lead to successful digital personalization at scale.
Source: McKinsey & Company