As strategic marketers say, customization has gone from being a competitive advantage (stand out from the crowd) to just another key success factor (stay competitive in the marketplace).
Companies need to find a balance between the need for customization (sales, marketing and product development) and automation, as the demands of B2B buyers and B2C consumers increase. In this article, Data Enso explores the importance of data enrichment to meet this challenge.
Figures clearly show that customization is a powerful business lever
It’s quite simple: 89% of marketers surveyed by Adobe claim to generate a positive ROI on their customization efforts, and 3 out of 4 decision-makers are convinced that customization is “key” to achieving success (Twilio survey). In fact, the customization solutions market is expected to grow by 23% annually, reaching $2.7 billion by 2027, compared with $746 million in 2021 (360i Research).
In a study released by Statista, American and British marketers listed marketing tactics that are most compatible with customization efforts. These included customized product recommendations and predictive customer service (46%), as well as the customization of email bodies (36%) and subject lines (34%).
Even more interesting: in a context of increasingly strict data protection regulations, 80% of consumers say they are willing to share their personal data in exchange for customized, advantageous offers.
Customer knowledge through data enrichment: a strong engine for growth
Today’s business climate is highly competitive, with plenty of choice for buyers and consumers, but also similar offers and prices, so customization and, more broadly, quality of experience, are key differentiating factors.
Customers are better informed than ever, and have mastered the digital tools available to them. They expect experiences that match their habits, whether it’s communication channels (the importance of live messaging in particular), content formats or the products themselves. Selon une étude de Salesforce, 66% of consumers say they wouldn’t hesitate to switch brands if they felt they were being treated like “a number rather than an individual”.
Technology has also made customization possible and expected. Companies have access to an unprecedented amount of data on their customers, and Data Enrichment, AI and Analytics technologies can transform raw data into actionable insights to meet expectations for customizations
Customer knowledge through data enrichment allows companies to exploit several advantages:
- Offer customization : a 360° view on customer habits and preferences allows companies to adapt their offer to meet or exceed their target’s expectations (customer delight concept )
- Marketing campaign optimization: enriching customer data allows marketing efforts to target more precisely, reducing unnecessary spending and increasing campaign effectiveness… while marketing professionals are increasingly challenged to demonstrate their contribution to creating value for the company;
- Detect cross-selling and upselling opportunities: customer knowledge allows sales representatives and Customer Success agents to better detect up-selling and cross-selling signals and opportunities. Note : according to HubSpot, ces deux techniques ont permis de générer jusqu’à 33 % des revenus des entreprises en 2022
- Early trend detection: customer knowledge allows companies to detect emerging trends and adapt their strategy to develop their market share;
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Improved customer relations: in-depth customer knowledge builds trust, allows customized customer service and more targeted Customer Success efforts to maximize Customer Lifetime Value;
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Anticipating risks: a better understanding of customers can help anticipate and manage potential risks, including churn rates and changes in purchasing behavior;
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Stimulate innovation: insights from customer Data capital can fuel innovation, helping companies to develop new products or services that meet unmet needs.
For more information, see our article « Customer knowledge, the ultimate competitive advantage in B2B? ».
Data Enso: enhance your data to improve your performance
Companies rarely have complete databases unless they are enriched in a structured, standardized and systematic way. For example, they usually have the company’s name, but lack the business sector, workforce, sales figures, key decision-makers, phone numbers, email addresses and postal addresses.
Data EnsoB2B, is a powerful, practical and RGPD Compliant Data Enrichment solution that feeds your database with consolidated and verified data from directories in over 80 countries in Europe, North America, the LATAM region and Central Asia.
Our goal: to harness your Data capital to improve your company’s overall performance.