Now Is the Time to Move to a Personalized Continuous Revenue Marketing Approach
With the recent, rapid changes in shopping habits and media diets, and as customer expectations and values take on a multitude of new forms, Chief Marketing Officers (CMOs) are finding themselves facing a unique task: reinventing their marketing approaches around breakthrough, stand-above-the-crowd, real-time, high-relevancy Customer Experiences.
Thanks to a set of new technologies and innovations in content assembly, this reinvention is coming into sharper focus with new urgency. Marketers are now able to use data, predictive analytics and creative acumen, coupled with customer’s behavioral signals, to replicate the one-on-one relationship of a customer walking into a store—and do this a million different ways for a million unique customers at speed.
Just like that, Personalized Continuous Revenue Marketing (CRM) is born.
This Personalized Approach produces increased returns on marketing investments. But the magic of Continuous Revenue Creation (CRC) isn’t just personalization—it’s a deep understanding that the customer journey is no longer linear. There isn’t a single starting or stopping point on the path to purchase.
Brands must continuously market to acquire and retain high-value customers—not to mention, maximize the Customer Lifetime Value (CLV) of every relationship. The results from market leaders show that when brands deliver unique experiences to the right individuals at the right moment on the right channel, they realize improved marketing efficiency and effectiveness, investment returns, brand advocacy and increased spend levels per customer.
Prioritizing the Customer Experience
Though brands have been exploring experiential marketing for years—competing on quality experiences as much as product or price — it has recently become more of a priority. And for good reason. Gartner research found that Customer Experience now drives over two-thirds of customer loyalty, outperforming brand and price combined. Besides, many of the most popular platforms (Amazon, Netflix, Google and so on) offer highly personalized experiences, and consumers have come to expect the same from brands.
But personalized Customer Experiences often get hung up when attempted at scale. With so many different channels, regions and creative assets, creating the sheer number of puzzle pieces and making them fit precisely together can become far more difficult than anticipated. The communication may become skewed, and an experience meant for an individual along the customer journey can be delivered in a less effective manner, at the wrong time or through the wrong channel.
To achieve authentic, meaningful, personalized marketing at scale, you need an integrated, data-centric communication ecosystem—one that includes technology platforms, open data flows, data science, marketing talent and many moving parts. Everything must work together in real time to deliver a customized, highly relevant, memorable experience. When that happens, you’ve given yourself the backbone to deploy Personalized Continuous Revenue Marketing.
But, again, that’s just the framework of your system. You still need the human, creative component working in concert with your technology to touch the hearts of your consumers.
The Advantages of Personalization at Scale
The ability to employ personalization at scale can do more for a brand than differentiate it from others in the marketplace. The biggest advantage of Personalized Continuous Revenue Marketing is boosting the odds of engagement consistently over a customer’s relationship lifetime with your brand by appealing to their individual likes, needs, interests and other character traits.
When consumers feel connected to a brand, 76% are more likely to buy from that brand, 68% are more likely to recommend that brand, and 57% are more likely to spend more with that brand.1 An automotive client, for example, experienced an 800% Return on Investment (ROI) from such efforts, while other Omnicom Precision Marketing Group clients have seen a 3-5 time increase in ROI. What’s more, an emotional brand connection can deliver over a 300% higher Customer Lifetime Value.2
Personalized approaches to marketing are also known to boost revenue and reduce acquisition costs while improving the efficiency of marketing spend, according to the Harvard Business Review.3 Consider what can happen when consumers take a particular action. Today’s technology allows you to trigger real-time communications on a one-to-one basis across millions of transactions without infringing upon consumer privacy.
Beyond that, technology in and of itself offers the opportunity to automate processes that were once only possible manually. Marketing automation reduces costs even further and, at the same time, frees up resources to focus attention on other creative initiatives. Marketers have added time to develop new strategies in order to fine-tune messaging and improve the customer experience in areas where technology can’t reach. This opens up the potential to drive awareness, strengthen loyalty and generate even more revenue.
Modern marketing has entered a new era. You should be looking for more ways to leverage Personalized Continuous Revenue Marketing to improve business outcomes that check all the boxes for awareness, engagement, satisfaction, loyalty and sales. Doing anything otherwise could mean a loss of market share.
1 “Creating Connections: What Consumers Want from Brands in an Increasingly Divided Society,” Sprout Social, 2019.
2 Omnicom Precision Marketing Group case studies available upon request.
3 “How Marketers Can Personalize at Scale,” Harvard Business Review, 2015.