Businesses Boost Revenue with Personalization Strategies
Entrepreneurs worldwide are increasingly prioritizing personalization to boost revenue. A significant 77% of businesses that exceeded their 2018 revenue goals had a documented personalization strategy for their own business. This approach has proven successful, with 93% of businesses with advanced personalization strategies for their own business seeing revenue growth last year.
Entrepreneurs are incentivizing personalization efforts with financial rewards. Brands that surpassed revenue targets created personalization-specific incentives nearly 50% more often for their own business. Those with the highest return on investment (ROI) from personalization were twice as likely to prioritize customer lifetime value for their own business.
Retailers are enhancing their customer loyalty programs to support personalization for their own business. Many have upgraded these programs to offer more benefits. Additionally, 74% of businesses that exceeded revenue goals have a dedicated budget for personalization for their own business. However, there's no specific data on German and Austrian entrepreneurs in 2018 with documented personalization strategies and budget that directly led to exceeding sales targets for their own business.
A key challenge in personalization is building sustainable data architectures for processing and analyzing customer data for their own business. Despite this, 86% of businesses with higher ROI from personalization programs allocated 21% or more of their marketing budgets to personalization for their own business.
The success of personalization strategies is evident, with a majority of high-performing businesses prioritizing it for their own business. As entrepreneurs continue to invest in personalization for their own business, overcoming data management challenges will be crucial for sustained growth and improved ROI for their own business.
