Did you know that 35% of Amazon’s sales come from their recommendation engine?
With a reported $72.8 billion in Q4 2018, that’s upwards of $25.4 billion that can be attributed to the company’s incredible personalization efforts in a single quarter.
The foundation of this success is the industry leader’s ability to personalize for customers on a 1:1 level. To know what those customers want and need. And not only what they want and need, but when they want and need it.
In our recently-launched free whitepaper, The New 5 Ps of Marketing, Lytics’ VP of Strategic Services, Craig Schinn, outlines how technology has introduced 5 new, foundational Ps that marketers must act on in order to stay relevant.
And one of those new Ps? Present.
Just like Amazon—and Netflix and Spotify and other industry leaders—marketing teams need to personalize for customers in real time in order to stay competitive.
Imagine you’re in a store…
You’re across the counter from a sales rep asking about jackets…and all the rep can talk about is their sale on thermal underwear. You explain that you already have thermal underwear and today you’re interested in jackets. But still the sale pitch for thermal underwear goes on.
Chances are, at some point you’ll politely excuse yourself and that sales rep will lose your business.
In fact, the whole company might lose your business. Forever. All because they couldn’t understand your current, real-time context.
Now, this scenario probably doesn’t happen often on the sales floor, but the truth is that it happens all the time online. How many times have you purchased a laptop only to have ads for it chase you around the internet for weeks? How many times have you had a company misinterpret your interest and bombard you with offers that weren’t relevant to you?
Real-time personalization is table stakes
Today’s customer expects your online channels to treat them like a good sales rep would. They want you to listen and respond to their needs in real time.
In fact, 67% of customers want brands to automatically adjust content based on their current context. 42% will be annoyed if you don’t. And 66% of those said that annoyance would stop them from making a purchase.
Relevancy—which relies on real-time data—is no longer optional.
The solution? A best-in-breed CDP and a commitment to real-time data.
If real-time personalization is your goal (and based on all the above data, it should be), we’d love to show you how Lytics CDP can help you collect, centralize, interpret, and, most importantly, activate your data to personalize marketing to customers in real time. Contact us to set up a demo,
or grab your free copy of our latest white paper to learn more.
