Marketers seem to understand the value of online personalization, but much fewer are able to implement these practices due to technological, budgetary and people barriers.
IT Barriers to Blame?
We hear it often, but marketers and IT simply don't agree on many things, and putting together a coherent personalization program can now be added to the list, according to research at Monetate. 47% of marketers said IT was the biggest roadblock to implementing a personalization campaign, and 46% blamed legacy technology. Lack of budget and lack of staff came in tied for third place at 44%.
Additionally, there are issues around generating insight from data that are compounding the problem, Monetate found when it analyzed research from several sources like Forrester, IBM, MIT/Wharton and Columbia Business School/NYAMA.
Monetate turned its combined research into a handy infographic called From Big Data to Big Personalization, and it plainly shows how in tune marketers are with the idea of personalization. It also shows how few are taking action on it, and just how valuable personalization can be for those who do.
Use Data, Get Results
Fully 94% of marketers agree online personalization is critical to their business, the research found, and yet 26% of organizations don't use real time on site behavior to personalize websites. Furthermore, nearly 40% said they can't turn the data they do have into actionalbe insights. On top of all of that, 95% of data within organizations is simply not being mined.
We reported on this phenomenon back in May as it pertains to mobile experiences, and as one might expect, even fewer organizations are personalizing for mobile. One critical part of any personalization process is the abilty to segment users by pre defined roles, and the ability to do that in real time makes the data even more valuable. Unfortunately, fully 40% of organizations don't target any customer or visitor segments, Monetate found.
The good news is that results do appear to be positive for the businesses who do personalize, and that incentive may be a good way for companies to justify any investment in the necessary tools and budget to get it done. Companies that invested in analytics increased revenue 49% over those who didn't, Monetate found, a pretty eyebrow raising number.
35% of marketers said their data has helped improve customer engagement via personalization, and ROI was 30% higher for companies who invested in analytics. Those analytics can tell who are the high impact segments, and those are the ones that should be targeted the most. We've posted the infographic below, so go ahead and peruse it, and leave us a comment about how your organization's marketing and IT teams get along or if your analytics package is thus far proving its worth.