When it comes to customer engagement, it’s not the 80/20 rule that applies but the 90/20 rule — meaning that 90% of a company’s business comes from just 20% of its customers, according to an Accenture study.
Most marketers would probably look at that metric and think, Seriously? I’m only engaging 20% of my customers? But the other way to think about it is that you’re only just getting started. There is a core population of customers you haven’t reached yet. Unlock them, and you unlock massive value from previously untapped sources of revenue.
So what’s the secret to transforming the 90/20 rule to 90/30, 40, or 50? Personalization.
Marketers have long wanted to speak to customers in a way that feels like a personal conversation. Customers want that too: According to Gartner’s B2C Personalization Survey, 88% of consumers expect brands to deliver personalized experiences. Yet the absence of reliable data and effective technology to deliver fine-tuned experiences at scale have made the goal of personalization hard to achieve.
No longer. Advances in marketing technology and data maturity, as well as human-driven insights, have changed the landscape. Marketers can now travel the last mile to deliver on the promise of personalization.