Back in the day when advertising was restricted to things like printed media and TV, personalized marketing was rarely an option. Nowadays, with organizations investing increasingly large budgets into digital marketing, personalization has become one of the defining characteristics of the entire sales and marketing process.
The closer a business can get to providing a genuine, one-to-one experience with a prospect, the higher the chances that prospect will become a paying customer. In fact, a Gartner study suggests that smart personalization strategies can increase profits by up to 15%!
It’s all about addressing individual needs through personalized marketing, which is made possible by the vast wealth of data generated by every digital activity.
How Buyers Lead the Sales Process
In the past, marketing typically relied on interrupting people with advertisements that, often, they wouldn’t be interested in seeing. They would (and, of course, still do) break up television programs to show commercials or plaster advertisements all over the pages of magazines and in the classifieds in the back of newspapers.
Nowadays, however, buyers are more interested in conducting their own research and reaching out to companies only when they’re ready to make a purchase. It’s at this point when vendors really need to stand out and demonstrate their unique selling point.
Today’s consumers are far more interested in genuine experiences rather than being advertised to. In other words, they’re more interested in factors like relevance, trust, and authority.
Banner ads often display a degree of personalization based on things like past browsing habits, but these are effective only to a very limited degree. Just consider, for example, how many irrelevant and uninteresting ads you’ve probably seen online. These days, instead of being swayed by ads, buyers are more likely to be swayed by things like online reviews, newsletters, video demonstrations, in-depth case studies, and authoritative blog content.
How Real-Time Analytics Fuels Sales and Marketing
Every digital activity generates actionable data. Research shows that 75% of consumers are more likely to make a purchase from a company that recognizes who they are, and what their previous purchases have been.
Say, for example, someone buys a new smartphone from an online store. In this case, there’s a good chance they will also be interested in accessories, such as a power bank, protective cover, or a good pair of headphones. The pricier the phone, the more likely they’ll lean toward higher-quality goods. If, however, they brought a budget phone, then they’ll probably want to buy low-price accessories.
The above presents just one example of the practically countless opportunities for marketing and remarketing using data collected during the sales process. You know already which phone the person brought, so you now have an idea of which other items they might be interested in.
On the other hand, maybe the consumer is still only a prospect, in which case they might have just added the phone to a wish list or have a browsing history that reveals which products they’re most interested in. Either way, these real-time insights give you everything you need to personalize your entire sales and marketing process.
Since real-time analytics and personalization have become such integral parts of sales and marketing, they’re now critical components of modern CRM platforms, such as Microsoft Dynamics 365.
With Dynamics 365, businesses can drive sales by centralizing customer information and accessing business intelligence with ease. In other words, the platform helps you make sense of all the data generated by digital activities and then use it for personalizing your marketing strategy.
If you’re still not coordinating your sales, marketing and customer service teams with a centralized CRM platform, you’ll be missing out on many opportunities to convert prospects into paying customers and nurture existing ones. That’s why White Owl is here to help your business grow with personalized CRM solutions that align with your company’s goals. Call us today to get started.