The Power of Personalization
When brands speak directly to you, it’s a lot more powerful. If they can engage with you, in a way that takes into account the history of your relationship, as well as how you use their product or service, it makes you feel recognized as an individual. What part can subscriptions play in this key to effective marketing?
Not too long ago we wrote about the benefits of subscription services, but one great thing we didn’t highlight is the power of personalization and how, if done right, subscription services can help create hyper-tailored offerings for customers, but if done wrong – can have the opposite effect. Let’s get right into it.
Save The Data
Subscription platforms collect a huge amount of data on a huge number of fields. Although it depends on the particular build, some common data points that are collected include customer name, age, and address, as well as information on how regularly they use a product or service, at what time of the day, and for how long – and that’s barely scratching the surface.
One of the integrations that our subscription community can help you develop is with your CDP (Customer Data Platform). Most companies have some awareness of the value of data, but something we always emphasize is just how important it is. Simply put, the more you know about your customers, the better you can serve them.
One area that most companies still haven’t truly been able to tap into is in personalization. This isn’t a subscription service problem, it’s a bigger issue compromising a lack of understanding around how data can be used, as well as having the right systems in place to make the data work for you.
Personalization offers the chance to improve brand loyalty and CLV (customer lifetime value). These are metrics that can have a powerful impact on a company and are things most would love to increase. But how?
You love going into your local coffee shop, pub, or restaurant because the people there know you. They know what you like to order and where you like to sit. It’s very difficult for businesses that don’t see you regularly to have this level of connection – but with subscription data it is possible.
You can track how a customer interacts with your products, and your staff, and compare that to other customers on your platform to create an intelligent profile about that individual. It doesn’t matter if your offering is B2B or B2C, you can still create distinct profiles for every user. Once a profile is created, you can time emails, calls, and texts so that they are more likely to be opened, and fill them with content or offers that are more applicable to that individual. If you do all this, your customer will feel known and valued, and this will help to build brand loyalty and the all-important CLV.
When adopting this sort of approach, you’re not going to get it perfect the first time you try it – it’s all about continuous improvement. That said, if you want subscription services, or already have them in place, you’re missing out if you don’t make the most of your data.
Want to get more from your subscription data? Speak to GoRecurring, we can help.