92% of marketers’ top priority is to improve their personalization capabilities: Study
Epsilon has released the commissioned study ‘Marketing in India is personal, not just business’ conducted by Forrester Consulting
Published - 23-November-2018
Epsilon released the commissioned study ‘Marketing in India is personal, not just business’ conducted by Forrester Consulting. The study analysed the marketing techniques used by Indian brands and the areas they could improve to optimise their Return on Marketing Investment (ROMI).
- Indian consumers demand immediacy, relevancy, and practical benefits across channels. They are increasingly empowered with technology and expect consistent and seamless experiences across touchpoints. They are mobile mind shifted and expect a mobilefriendly experience delivering what they want, in their moments of need. They break down online-offline boundaries and expect brands to do the same. They require relevancy and prefer personalized offerings: 63% are more likely to purchase from brands that provide relevant content and offers. The thirst for immediacy also drives their loyalty program preferences to skew toward instant discounts, mobile rewards, and real-time offers.
- There is a big gap between consumers’ expectations and what marketers are doing today. Consumers want relevancy and personalization, but a majority of marketers fail to deliver it: Only 28% of consumers say that brands send them email offers well-timed with their needs. In addition, only 2% of consumers prefer to receive marketing updates via short message service (SMS), but 74% of marketers are using martech to support SMS. Marketers need to realign their marketing strategies and priorities to better serve consumers.
- Personalization is the top marketing priority, but marketers face challenges to achieve it and differentiate their brands. To keep up with rising consumers’ expectations, 92% of marketers in India consider improving personalization capabilities as a top marketing priority. It requires them to collect, analyze, synthesize, and react in real time to a flood of customer information and do so across multiple touchpoints and often disconnected internal teams. However, many marketers are still immature in data and technology readiness, crosschannel expertise, and bridging organizational silos.
- Marketers will increase martech investments to improve ROI and deliver personalized brand experiences. Delivering contextually relevant customer experience requires significant investment in EMT.7 In the next 12 months, 60% of marketers in India plan to increase their technology spend (76% of marketers from the travel and hospitality industry). Eighty percent are prioritizing improving the ROI of their departments. The solutions that garner the most interest from marketers are enterprise marketing software suites and crosschannel campaign management, as well as point solutions like email marketing and loyalty solutions.
Ranked list of 14 initiatives among Indian marketers:
2. ROI of marketing
3. Customer centricity
4. Align brand promise and CX
5. Data and analytics
8. Content marketing
9. New products/ services
11.Collab w/ non-marketing dept
12.Marketing role in company
Current state of Indian consumers, says the study: Are mobile mind shifted, Break down boundaries between offline and online, Require a personalized experience, with caution on privacy, Prefer instant and practical benefits over exclusive and experiential ones.
To better meet the rising customer expectations and deliver personalized brand experiences to differentiate from competition, marketers in India should:
- Solidify data fundamentals before pursuing consistent, seamless, and personalized brand experience.
- Find the balance between personalization and privacy.
- Experiment with emerging technologies like AI.
- Recruit and train EMT talent.
- Prioritize local business needs and market nuances in evaluating marketing technology and service providers.
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