BOSTON—Not surprisingly, a new report has found personalization drives deeper consumer relationships, positive brand loyalty and, ultimately, better financial results, a new report reveals—but it also offers some tips for building those relationships.
According to a Harvard Business Review Analytic Services research report that polled international, multi-industry executives, eight in 10 respondents say personalization is important to their organization’s strategy, and more than half say it is an important driver of their revenue and their profits. Even more, 81% stated personalization will significantly influence financial performance in 2020.
The report, sponsored by Mastercard, reveals several key opportunities for organizations across industries to improve their personalization efforts:
- Have the right tools + make measurement top-of-mind
- Push personalization beyond marketing
- Bring additional insights on board
Consumer Expectations
The report also shows that 90% of respondents indicated that customers expect organizations to know their interests and anticipate their needs.
“We are seeing this every day, all around the world. A prime case are bespoke loyalty programs being created to offer convenient, beneficial and borderless opportunities. Consumers want greater flexibility,” said Susan Grossman, Executive Vice President, Retail and Commerce, Mastercard. For example, at Mastercard, we are taking action with Mastercard Pay with Rewards and providing consumers the freedom and choice to use their rewards the way they want to.
“Having the right tools to derive insights is essential because insights drive value. According to the report, 70% of respondents cite data analytics as the most critical technology to enable personalization,” concluded Grossman.