27 July 2022
A new international study commissioned by our team at TRACK has found that while companies with a high level of personalisation expertise are twice as likely to achieve double-digit sales rates, many are falling short by failing to deliver consistent, personalised brand experiences across all channels.
The study, conducted by the Forrester Institute, surveyed 459 executives from 11 countries, including Canada, Australia, France, Germany, New Zealand, the UK and the United States within industries such as finance, FMCG, retail, IT, healthcare, travel, and telecommunications.
The findings suggest that it is critical to personalise experiences end-to-end across channels, yet most companies stick to mass communication via well-known channels which can be used to address customers on an individual basis.
The result is communication that is irrelevant to the customer, and this has the opposite effect than what was intended. The findings revealed that 78% of respondents had lost customers due to a lack of personalisation, while in NZ that figure went up to 82%.
The study showed that effective personalisation, although difficult to achieve, is worth fighting for and even incremental progress can deliver exponential returns.
The study pinpoints what businesses that are achieving growth are doing differently from the rest; it also recommends five steps that businesses can take towards personalisation maturity.
If you are interested in a presentation, whether online or in-person, of our full Forrester study and its implications for NZ businesses, email TRACK CEO Rob Limb at email@example.com or call him directly on 027 479 0040.
Chief Executive Officer
Australia and New Zealand