But this means that all brands are turning towards email as an optimal consumer marketing solution. Consequently, customers receive hundreds of emails each day, and brands need to go the extra mile to ensure their emails stand out in the inbox. Earlier, click-bait titles and topics might have done this job, but customers are now wary of such tactics and expect brands to be more honest.
Email personalization is a great solution here. Brands can ensure that every aspect of their communication speaks right to the customer and addresses their specific needs. Personalization gives brands a way to reach customers when they want to be reached, about products or services they’re interested in.
A study by MoEngage has shown email personalization to be supremely effective — conversion rates increase by up to 12X, CTOR increases by 12X, and unsubscribe rates reduce by up to 88%. The report outlines email benchmarks for multiple industries, and every industry is showing a great increase in metrics from personalization strategies.
This holds true for conversion rates, open rates, CTORs, and unsubscribe rates too. In fact, customer journey-based personalization is shown to increase CTOR by about 5.4X and open rates by 13.8X.
The email benchmarks report for 2023 outlines similar metrics on a case-by-case basis for multiple industries like Retail and E-commerce, Banking and Fintech, Travel and Hospitality, Media and Entertainment, and more. Every metric across industries sees a direct correlation with sophisticated personalization strategies based on buyer journey stage or customer behavior, when compared to regular attribute-based personalization.
"Today’s customers are seeking more than just a transactional experience. With personalization, brands can make every interaction feel inherently human and authentic, enabling customers to develop a deep and meaningful connection with the brand - not just its products or services. That is precisely where an insights-led customer engagement platform with an AI-powered recommendation and optimization engine comes in, helping paint the whole picture, through a 360-degree customer view, understand customer behavior, and engage across the most preferred channel, at the right time, with the right message, thus offering hyper-personalized experiences while driving business growth," said - Raviteja Dodda, CEO, MoEngage.
Moreover, old-school personalization methods such as those that relied only on demographics or first-name, don’t seem to be as effective any longer. What’s working is Behavior-based personalization and personalization based on the stage of the buyer journey.
Such advanced personalization tactics require a deep understanding of the customer and a reliable customer engagement tool.
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