Lord knows I am by far not the sharpest knife nor brightest bulb. Not even close. In fact I pride myself on surrounding myself with people a whole lot smarter than me. You know who you are.
I wanted to preface what I’m about to write with the above because after reading the findings of a study conducted by Broadridge Financial Solutions a global Fintech and customer communications leader — it blows my mind that if a dolt like me realizes just how overtly obvious the findings are, then anyone can and should realize it, too!
Find Wall, Bang Head Against It
Included in the press release announcing the findings was this verbiage: “…released a study revealing that personalization in communications is significantly impacting customer loyalty.”
The actual stat/finding was “…one in four (25 percent) have stopped doing business with a company specifically due to poorly personalized communications.”
Hang on one second, I am going to find the nearest wall or hard substance so which I can bangeth my headeth against.
Now look, before I go on, please understand I am NOT knocking Broadridge Financial Solutions for conducting the study. For one thing, there are other findings in it so be sure to check out the entire release.
What I am knocking — aside from my head — is the fact so many marketers still don’t get it. Literally and figuratively.
The year is 2019 people! It’s not 1997 when “Dear Steve” was considered a milestone when it came to personalization.
IT IS 2019!
Data + Solutions = NO EXCUSE
There is simply no excuse to not provide maximum personalization at every touch point. NONE.
Don’t know enough about your customers?
WRONG. A little thing called Big Data took care of that.
Don’t have the right martech solution in place to use said data to provide maximum personalization?
WRONG. According to the latest version of the infamous Scott Brinker chart, there are 6800 martech solutions on the market today.
Not familiar with Mr. Brinker’s work? Every year he puts out an updated chart that at first glance looks like an eye test gone horribly wrong.
Don’t believe me?
See for yourself:
Or go here to see it in its original, pristine state.
There was one finding from the study that was truly frightening to me for if misconstrued will give marketers the false and possibly fatal belief that they can market/promote/peddle their products, services and wares via every communication with consumers.
“The survey found one-in-five consumers has purchased a new product or service because they received a message in a bill or statement, a significant conversion rate and opportunity for companies to deepen customer relationships.”
To those marketers reading this finding who are starting to make plans to add sales copy to bills or statements, let me paraphrase The Jackson Five:
STOP! THE BRAND YOU SAVE MAY BE YOUR OWN!
Go take a walk. Get a cup of coffee. Go read a book. Get something to eat.
In other words, do something/anything but do not start bombarding your customers will sales language on bills and statements. Don’t do it. Period.
OK, I understand. You’re thinking ‘But Steve, can’t I at least test it?’
To that I say fine, go ahead and test it. Remember, I’m not the sharpest knife or brightest bulb so what do I know?
Just do me and yourself one favor: Listen to what your customers are telling you by their actions.