As advertising becomes ever more targeted and online experiences more personalized, it’s increasingly difficult to succeed as a marketer without a deep understanding of how people make decisions.
I recently delivered a lightning talk on the why and how of personalisation and segmentation at Stackla's inaugural #StacklaSocial event. Here I'd like to share a few of the insights from my presentation for those who weren't able to attend! Read on to find out why personalisation is the key to transforming acquisition into retention, and some tips on how to start thinking about it for your business.
The process of dividing a broad market into smaller subsets is nothing new. In fact it’s been common practice ever since markets grew large enough for suppliers to produce different product models. And while there are many different ways to divide up an audience, the most commonly practiced have traditionally focused on geographic, demographic or psychographic (“values” or “lifestyle” based) divisions.
Travel companies can no longer compete on price alone. The unprecedented emphasis on consumer behavior and customer expectations mounts increasing pressure on travel brands to deliver authentic experiences to their customers and increase brand loyalty.
Social proof is one of the most powerful psychological heuristics, it links the persuasiveness of a behavior or idea with how other people respond to it. Your brain reduces the perception of risk associated with an idea, or activity, when you see other people engaging in it. That’s why we’re all drawn to movies with high IMDb scores, best-selling books, and crowded restaurants.
Social proof is very much in the limelight at Qubit at the moment. Whether used in travel, ticket bookings or fashion, on average it delivers a 2.4% uplift in conversions (and has never once delivered a downlift).
“Data-mining”, “drilling down”, “insight extraction.” You might think this sounds like an awful lot like hard work and in reality, it is! Getting insights from a customer data set requires a technically skilled analyst ...with a lot of patience…. and a lot of time. The similarities to the lone miner searching for black gold are striking (geddit). The tools may be different (excel rather than a pick axe) but the realities are the same. It is an inefficient way of finding opportunities.
At Qubit we’re in a neat position where we deliver on web personalization, as well as playing towards the bigger world of Digital Experience Management. Sportscraft’s big idea is a great example of blending these worlds, from front of house UX to behind the scenes supply chain.
For retailers, getting peak right is crucial, but what is ‘getting it right’ in today’s competitive environment? Do you focus on systems, making sure that your site can cope with the influx of visitors, or take advantage of this to get creative and use it as the basis for a long term, customer centric strategy?