Infographic
Elevating Customer Experiences:
The Rise of Personalization
Personalization has been a key goal for consumer-focused companies for many years. But achieving effective personalization is becoming more challenging as consumers demand more and expect more. Here is what you need to know about the challenges and opportunities involved in delivering highly personalized experiences in today’s digitized, multi-channel marketplace.
Personalization is Critical for Customer Experience (CX) Success
56%
of consumers say they will become repeat buyers after a personalized experience.1
Nearly 69%
of business leaders are increasing their investment in personalization despite challenging economic headwinds.2
Nearly 40%
of businesses say that adding digital channels is their most effective means of improving customer experience.3
Top Complaints from Customers4
- Lack of Human Interaction
- Non-Personalized or irrelevant communications
- Limited Channel Options
- Repeating Information multiple times across different channels
Less than 40% of Gen Z consumers reported that they were satisfied with quality of their providers’ digital communications.5
Personalization is a Huge Win-Win for Customers AND businesses
The most valued traits of brand communication with customers:
50%
The ability to escalate to a live person4
44%
Personalized communication based on previous interactions4
30%
The ability to digitally self-serve Communication based on current context4
28%
The ability to select engagement channels I want4
Successful personalization programs yield impressive business results:
20%
Higher customer satisfaction rates are achieved through successful personalization programs7
10-15%
Boost in sales conversion rates7
20-30%
Increase in employee engagement7
90%
of customers are willing to spend more when companies provide personalized customer services8
What does successful personalization look like?
A Precisely customer in the Insurance Industry that delivered personalized interactive videos prior to property insurance renewals found that:
- 78% of customers watched the entire video
- 89% gave a “thumbs up” response to the video experience
- 16% more customers who viewed the video renewed, compared to customers who did not view a video8
The CX Technologies
Enabling Personalization
What’s Trending and What’s Next for Personalized CX
What’s Trending
1. Personalized Interactive Video
Personalized interactive video changes the game, using technology that keeps your customers engaged and watching.
Monitor conversations and seamlessly escalate more complex queries to the appropriate live agent.10
Companies looking to retain customers and sell more products must deliver a personalized, omnichannel experience.11
Empower your customers with the ability to quickly and effortlessly solve their own issues with self-service options.9
What’s Next
Artificial Intelligence
In a recent survey by Analyst firm Everest Group, over half (55%) of customer experience leaders plan to invest $1 million or more in AI in the next 12-18 months, with 16% expecting to spend over $10 million.12
Ways that Artificial Intelligence is advancing Customer Experience include:
- Chatbots/ Virtual Assistants
- Natural language processing (NLP) for SMS Text
- Interactive Voice
- Language translation and localization
- Predictive Personalization
- Integrated, cross-channel CX data analytics
Personalized, Contextual help delivered via chat or video
Contextual help is powerful because even before it is launched it:
- Knows what your customer just read
- Knows the most asked questions about what they read
- Has access to the most effective answer to each of these questions
- Can personalize these answers on the fly using customer data
- And can access recent interaction data to maximize the relevance of each chat or video experience13
Sentiment Analysis
Sentiment analysis tools allow businesses to scale up and accelerate the process of uncovering customer emotions in unstructured textual data such as:
- Online product feedback
- Emails
- Chatbot Transcripts
- Surveys
- Call Center Contact records
Learn more today
Precisely’s EngageOne™ Solutions can help you create personalized communications that drive customer engagement and loyalty.
Sources
1 https://adamconnell.me/personalization-statistics/
2 https://talkcmo.com/featured/three-customer-experience-trends-for-2024/
3 https://www.mckinsey.com/capabilities/operations/our-insights/the-state-of-customer-care-in-2022
4 The CMO Council, Critical Channels of Choice
5 Aspire, Understanding the New Digital Reality
6 Forbes.com – The Personalized Customer Experience: Consumers Want You To Know Them
7 McKinsey: Personalizing The Customer Experience Driving Differentiation In Retail