Personalized Marketing or One-to-One Marketing refers to a marketing strategy where companies deliver individualized messages or promotional content to the recipients through data collection, analytics and digital electronics.
Personalized emails specific to the needs of a recipient and customized video messages are the examples of personalized marketing. This practice of marketing solely depends upon the quality of personal data based on the users’ past experiences, preferences, and demographics. In other words, it is a step-by-step process wherein the significant data about the buyers is collected, analyzed, and then used to offer customized services or solutions:
Benefits of Personalized Marketing:
- Enriches customer experience
- Is more engaging
- Helps build and strengthen better relationships
- Better customer acquisition and brand loyalty
- More targeted and less time consuming
- Better conversion rate and increase in ROI
Personalized marketing emails receive 29% higher open rates and 41% higher click-through rates. (Experian)
Best Ways to do Personalized Marketing:
- Leverage social media to collect data based on the preferences of the prospects.
- To cut-down the costs, automate the data collection process.
- To avoid data discrepancies, analyze and review the collected data on a regular basis.