Personalizing and Expanding your reach
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Personalized marketing is a targeted marketing strategy that delivers customized advertising based on individual consumer data, preferences, and behaviors. This approach utilizes various levels of targeting, from broad geographic locations to specific behavioral patterns, enabling brands to optimize their marketing efforts effectively. The key advantages include enhanced customer experiences, increased engagement, and improved overall marketing metrics.
Personalizing and Expanding your reach
- 2. Personalized Marketing Transcendence of traditional advertising into targeted advertising for optimized marketing
- 3. What is Personalized Marketing? • Marketing strategy that focuses on targeting marketing initiatives • Based on targets individuals (current or prospective customer) are messaged • Personalized marketing is also known as one- to-one marketing • It is the ultimate form of targeted advertising • Specific ads for specific individual or group are generated via software applications
- 4. How is personalized marketing possible? • Target based advertising is key to personalized marketing • 71% of consumers prefer ads tailored to their interests & shopping habits • Get insights into who a customer might be • Use the information to increase relevancy of an ad • Insights can be simple – human wants/needs; geolocation &basic demographic information • Deep insights give better command over target – such as a niche interest, buying intent, and even behavioural patterns
- 6. • Key is to generate as much personal information about prospective customer, as possible • Once data is acquired, analyse it • Leverage the data to your interest – create customized, targeted offers, – Send recommendations & messaging designed to appeal to the individual – based on their past behaviour, interests, & other data • Goal is to engage a prospective customer by communicating individually
- 7. Identify> Differentiate> Customer Interaction> Personalize
- 8. Classification of targets for personalized marketing • Level 0 – Includes targeting based on need or want – broad geographic location (country, state) • Level 1 – Includes targeting based on combination of need or want – more specific geographic location (city) • Level 2 – Includes targeting based on combination of need or want, micro-geographic location (zip code) – demographic information (age, gender, income, etc.)
- 9. • Level 3 – Includes targeting based on combination of need or want, micro-geographic location – demographic information & general individual interest (sports, travel, technology, etc) • Level 4 – Includes targeting based on combination of need or want, micro-geographic location, advanced demographic information (political preference, brand loyalty, type of vehicle, etc.) – specific niche interest (Genre of music, famous person, hobbies, etc.), and buying intent (search keyword) • Level 5 – Includes targeting based on combination of need or want, exact geographic location, advanced demographic information, specific niche interest – buying intent & historical behavioural patterns (purchase history, voting record, web page visited, etc.)
- 10. 4 ways to reach1 goal: personalized advertising • Prescriptive Personalization – Also known as rules-based personalization – Determine which customers qualify as a “Window Shoppers” – Engage these window shoppers – Send emails and mobile push notifications designed to drive them to store • Recommender Engines – Recommender engines are automated systems – Sends product recommendations to customers according to internal programming without the need for manual intervention
- 11. Example of perspective personalization: conversion of window shoppers into customers
- 12. – There are three classes of Recommender Engines: • Collaborative Filtering – Gather and analyze large amounts of users’ preferences – Determine which items a given user will like based on the behaviour of similar users – Look for similarities such as purchasing or browsing history • Content Filter – Compare items against individual user preferences – Example: someone prefers V-neck t-shirts over round necks – Send pop up shopping invites of V-neck designs • Hybrid Systems – Combine approaches of both collaborative filtering & content filtering to make product recommendations
- 13. Examples of recommender engine type personalized marketing
- 15. • Real Time Personalization – Personalizes the user experience in real time – It can be simple like a welcome message to a user – Or complex like matching the colour theme according to users preference • Customer Journey Mapping and Optimization – Refers to series of interactions a customer takes with a brand over time – Remarketing on the basis of customer history – Use cookies to learn users shopping history – Based on cookies, send pop up notifications
- 16. website1> leaves cookies on users server end> visits other websites> Website 3> pop up add from Website 1> user clicks pop-up> redirected to Website1
- 17. Example of real- time personalization
- 19. 2 way Personalization • Personalization of ads according to customers’ need • Personalization of ads according to your products & services • Talk to consumers like you know them • Deliver customized experiences to users • Apply functional form by qualifying prospective customers • Apply personal marketing by influencing a prospect’s decision process
- 20. Personalized marketing at its best: coke offers to manufacture bottles with your name!
- 21. Advantages of Personalized Marketing • Helps take focused and targeted actions based on analytics • Elevates the site metrics that influence site’s traffic flow • Increases brand’s popularity & reach • Builds and enhances positive customer experience • Provides added benefit of A/B testing online & real time