The Power and Potential of Personalized Experiences

Personalization, in simple terms, is people-based marketing. It helps you utilize new and fresh customer data to create experiences across desktop and mobile and staying ahead of your competitors. 

However, research has shown that there some challenges that are roadblocks to implementing client personalization: 

  • 85% of marketers feel that their market segment is too broad
  • Around 33% believe that they do not have the capability to personalized messages
  • While some think that they are incapable of integrating personalization in their email campaigns. 

Modern challenges require modern solutions, and nexweave’s personalized experiences are one such solution. In this article, we cover nexweave’s personalized experiences and its smooth implementation.

Power of personalized experiences

With the advent of online social lifestyles, advanced technology has made it easier and acceptable to gather and use individual information. This information is very critical as it helps a company make services or products as well as experiences in the form of videos, content, and images to those specific individuals. Such personalized experiences can also be created based on an individual’s behavior and preferences. The purpose of the creation of such experiences, of course, vary from one company to another. These include driving revenue, gaining customer loyalty, creating optimal product mixes, competitive differences, etc. 

With nexweave, there are diverse forms of personalized experiences. Customers drive some personalizations. Whereas, some are aimed at customers with the purpose of new business models as well as competitive advantages. Many factors drive the growth and creation of personalization: 

  • Consumer comfort in sharing personal information
  • Increase in use of mobile applications that provide an opportunity for personalized strategies
  • Shrinking wallets looking out for better offers and deals
  • Belding data and customer insight to create personalized interactive experiences. 

When an experience is personalized, you have a platform to have an emotional connection with your customers. When done the right way, personalization has the potential to increase 5 to 8 times the ROI on marketing spend. Using personalized experiences in your marketing strategies can be vital as it can lift your sales by 10% or more. 

Potential of personalized experiences

There are a few things you must keep in mind to understand the full potential of personalized experiences. 

  • Data Discovery
  • Automated decision making 
  • Distribution

The first step in personalization is data discovery. This essentially is implementing the right source of information that helps provide the right insights. When you have sufficient information and the right amount of insights, you can then use the nexweave platform to deliver targetted messages, in the form of interactive video experiences. This will result in a significant impact on their buying behavior, regardless of the industry. A simple use case is that of a retailer who can use customer information in terms of their previous apparel preferences and create personalized experiences for their size, color, and budget. But this is just one example. The quantity of use cases for personalized experiences is boundless!

A recent survey states that 40% of executives agree that personalized experiences have a direct impact on maximized sales and profits in direct customer channels like e-commerce. While 37% of those surveyed state that personalization not only increases sales but also the customer lifetime value. Thus, the full potential of nexweave’s personalized experiences is realized through an increase in the customer transaction frequency. 

Final thoughts

Personalization is essentially a data strategy. If you aim at creating personalized experiences, you need to look at advanced information, such as purchasing behavior, lifestyle, and social media. To give you a better idea, here are some statistics that will blow your mind!

  • Personalization brings about an ROI of about $20 for every $1 spent, and this is a great number in the long run. 
  • It has been found that 80% of consumers are more likely to make a purchase when brands offer personalized experiences.
  •  90% of consumers are willing to share their behavioral data in return for offers.  
  • 2% of consumers in 2019 only engage with marketing messages that are customized to their specific interests. 
  • 89% of digital businesses are investing in this kind of personalization

If you haven’t already implemented nexweave’s personalized experiences in your marketing strategies, this is the right time to do so! More data for you + nexweave’s personalized experiences =more relevant content for your customers. When you use personalized experiences, one on one interactions with customers is just a click away. Click here to use experience nexweave’s personalized interactive experiences.


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Author

Sharan Phillora

Sharan Phillora is a Customer Success Specialist at Nexweave, based in Mumbai, India.

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