True Views: Personalising retail – the battleground for customer loyalty.
One truism of retail is that consumers have become highly selective and highly demanding – they want retailers to know them as a person, and deliver the brand experience in a way that suits their specific purchasing habits.
However, with a proliferation in the choice of brands to engage with, consumer expectations have never been higher – and brand excellence must be achieved simultaneously across multiple facets, including price, promotion and customer service, delivery speed and convenience. Fortunately, customers are now more willing to allow businesses to use their data – research by Google has found that 63% of consumers actually expect brands to use their purchase history to provide them with a personalised experience – providing brands with greater opportunities to speak to the customer directly, in a way that is familiar to them.
Yet, with 103 million spam emails sent, 50,000+ photos posted on Instagram and 4m+ videos watched on YouTube every minute, and with consumers pressing, swiping or tapping their phones over 2,500 times per day, consumers today are highly distracted individuals. While they want to hear from brands, to achieve cut through brands must “think smart” and “think personal” in the way they deliver any form of consumer communication.
How do they do this? Through smart personalisation achieved via the following:
- When it comes to digital investment, a targeted approach is needed – spending advertising budget on the consumers the brand can influence, at a time when it can influence them, and in a way they can control the influence
- Leveraging direct-to-consumer models where the brand owns the conversation and relationship with the customer
- Utilising data so that the brand understands its customers as well as it possibly can
- Building a sense of community (and shared brand connection) amongst its customers
- Developing differentiated propositions to stand out from mediocre, hum-drum retail
- Optimising sales channels to reach customers in the way that suits the consumer’s own specific circumstances
- And, above all, making the interaction with those customers as personalised as possible. It’s better to talk to customers than talk at them
On 15th October 2017, True and Google co-hosted an event for C-level execs in retail, looking at personalisation as a key component of driving customer engagement and loyalty. Guests heard from True’s CEO and Co-Founder, Matt Truman, Martijn Bertisen, Country Director for Google, Mark Wood, CTO for Graze and Ger O’Meara, Co-Founder of Photospire (one of True’s investments).
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