The Business Imperative: Personalization
This Wednesday, the DFW-Retail Executives Association ended its season on a timely topic for retailers: Personalization. If you missed out on this panel or are one of the 77 percent of companies saying, “In 2016 we need to be doing personalization,” have no fear we have the panel highlights for you.
The panel consisted of three experts,
- Jeff Rosenfeld-Vice President of Customer Insights & Analytics at The Neiman Marcus Group
- Veeral Rathod- Chief Executive Officer & Co-Founder at J. Hilburn Clothiers
- And NectarOM’s very own Chief Executive Officer & Founder Amrit Kirpalani.
Panel Moderator Steve Dennis kicked off the panel discussion setting the stage for why personalization is quickly becoming a business imperative. Explaining that personalization is “an imperative because the battle has shifted from market share to share of attention- and it’s increasingly difficult to be the signal amidst the noise.”
The rest of the discussion focused on how personalization is changing their marketing efforts, what challenges they faced when launching their personalization efforts, how it is changing marketing, and finally discussed how other companies could successfully launch their own personalization efforts.
Here are a few of our favorite topics from the panel,
Test and Learn
Don’t start off trying to personalize every message coming from every channel. Amrit suggested that the clients with the most success started off small. Start off testing a few channels and messages at a time, learn what worked and then test some more.
Be Prepared to Think About Marketing Differently
Personalization fundamentally changes how marketing has been done for years. Instead of a one size fits all strategy, personalization shifts the focus to marketing on a one-to-one level. Jeff and Amrit agreed that culture change was one of the biggest challenges when companies started discussing personalization.
Not a One Size Fits All Solution.
Take the time to figure out how personalization fits into your company’s structure and into what your customers want. The Neiman Marcus Group and J. Hilburn Clothiers both used personalization in the retail space, however they each had a unique approach that fit their customer and business model’s needs.
Have the right partners in place
Not everyone can afford to have a team of data scientists creating custom algorithms. However, personalization is something that is becoming more realistic for companies of all shapes and sizes to start adding to their marketing efforts. All you need to do is find the right partner.
If you are interested in learning more about sending tailored messages to your customers in real-time across all your owned channels let us know and schedule a demo to see the NectarSuite in action.