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Personalized marketing has been talked about for many years. We all want to do it. Most of us have tried doing it. For most marketers, personalization is essential to delivering good customer experience. In fact, more than nine in 10 senior decision-makers surveyed by customer experience agency Verndale from November 2017 to January 2018 said so. Yet we still struggle to implement personalized marketing. Why? Over the last 3 years, after speaking to over 500 CMOs from the largest brands in the restaurant, retail, insurance & banking verticals we found our answer. There are 4 big challenges that brands face when that make it really hard to implement personalized marketing.
1. Data consolidation
Each and every brand has data coming in from multiple sources: stores, website, apps, different aggregators, different brands. You have to have one consolidated 360’ view about a customer. If Ayushmaan is a customer, you need to have information about him: what channel he is purchasing from him, what marketing channel works best for him, which offers to make his purchase, what are the product categories he interacts with. You need to have that information in one place. Currently, this information is stored in a silo-based system
2. Disconnected process
Disconnected process[/caption]Once data is consolidated, most of the brands have a data analytics team and they have visibility to a lot of business metrics which has to be improved. But, imagine if you have 40 data points to work upon that means creating 40 segments, sending 40 SMS communications, 40 email campaigns, 40 Facebook campaigns, 40 Instagram campaigns. The amount of work that is needed to act upon those 40 data points is humanly impossible. It's so complicated, that the brands end up sending just 2-3 campaigns to this wide range of segments.
3. Silo-based marketing
Customers need to receive one unified communication from a brand. For eg., if you want to increase customer’s BPO and the offer is about increasing his ticket size. So, across all Facebook, Email, and SMS he needs to see only one communication. But, in the current setup, the marketing channels are managed by different teams and the amount of work which is required to send one campaign on 4 channels is insanely cumbersome and unorganized. That’s the reason it never happens. Imagine such a simple thing, yet so complicated.
4. Data Analysis
No marketing campaigns can be improved, if you’re not tracking it. There are four marketing channels collating the data, and understanding how to improve the campaign. If you’ve to do it manually in the current ecosystem, it’ll take days for you to just collate the report. The marketing team is already overwhelmed with a number of things, including different ATL/BTL activities, they don’t have time to understand the report and improve the next campaign. That’s why it's difficult for brands to achieve personalization. This all leads to making personalization hard.
Our conclusion was simple, every brand and marketer wants to achieve personalization, but due to technology constraint and a lot of mundane tasks they don’t it and its humanly impossible to do it. Brands already have the data, but in your communication with your customers, you never mention the product customer loves, you don’t communicate on the customer preferred day and time. Run the offers they love, don’t communicate on the channel they prefer. The weird part is, you already have the data, but you don’t use it. And everything is related to the first 4 problems mentioned above. We at Xeno are helping more than 200 brands to run personalized marketing. With the power of Artificial Intelligence and Machine Learning, we achieved an increase in campaign conversion by over 150% as compared to the current way of campaigning and marketing. We have also seen an increase in productivity for your team by over 200%, so if a team of 2-3 people was earlier sending 4-5 campaigns a month Xeno will enable the same team in the same time to create 4-5 million campaigns and that too personalized to each customer.
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