The power of personalised experiences

Creating personalised experiences is now a critical business necessity.

Consumers expect brands to understand their needs, preferences and behaviours, rewarding those who do so with increased loyalty and engagement. Almost two thirds of customers now say they expect companies to adapt experiences to match their changing needs and preferences¹ and more than half that they’d likely become repeat buyers after a personalised experience². Businesses that don’t adapt will find themselves outpaced by competitors and at odds with regulatory mandates including Consumer Duty.

Despite 80% of financial institutions seeing personalisation as essential to meet the expected and required standards³, many still underinvest and deprioritise this within marketing strategies. With fewer than one in four businesses having the required technology to deliver consistent personalised experiences across channels², the risk is customer disengagement and shallow, transactional relationships.

The importance of cross-channel

AI-driven data processing is fast-tracking personalisation across all customer touchpoints, further raising expectations. Without an accurate, cross channel view, insights are limited. 63% of buyers say experiences fall short of what’s possible⁴ – the same percentage stated they’d stop purchasing following poorly executed personalisation⁵. Businesses must invest in the right tech and test rigorously sooner rather than later.

Prioritising personalisation will boost revenue, strengthen brand loyalty and support meeting regulations. This means building targeted, impactful and well-executed personalisation strategies that evolve with customer needs, fostering trust and differentiation. Investing in these efforts will outweigh potential losses, positioning brands for success in an increasingly regulated, customer-centric landscape.

This blog comes from our recent insight paper ‘Signals’, which includes fourteen thought pieces from departmental experts at Teamspirit on emerging trends, opportunities - and how marketers can stay ahead of them. You can download the full ‘Signals’ report here.

Sources

1. https://www.salesforce.com/uk/resources/research-reports/state-of-the-connected-customer/
2. https://www.twilio.com/en-us/blog/announcing-the-state-of-personalization-2021
3. https://www.dynamicyield.com/personalization-maturity-report-for-finance-2023/
4. https://www.salesforce.com/blog/what-is-customer-experience/
5. https://www.smartinsights.com/ecommerce/web-personalisation/consumers-personalized-marketing-engagement/