For brands today, personalization is more than just a tool in their toolkit, it’s a critical capability that helps them punch above their weight. Regardless of the company size or industry, the implications of getting personalization right – or wrong – are far-reaching.
Consumers no longer consider personalization as “nice-to-have,” they demand it in every interaction. This dynamic has become even more apparent as the COVID-19 pandemic pushed more interactions to digital and virtual channels, and heightened expectations related personalization.
But the challenges don’t stop there – brands are struggling to drive store and product loyalty. McKinsey’s Next in Personalization 2021 Report showed roughly 75 percent of consumers tried a new shopping behavior in the last 18 months, and more than 80 percent of those intend to continue with new behaviors.
Still, with high risk comes high reward. According to the same report, over three-quarters of consumers (76 percent) said that receiving personalized communications was a key factor in prompting their consideration of a brand, and 78 percent said such content made them more likely to repurchase.
McKinsey’s report showed that organizations who can implement personalization at scale are ultimately able to set a new precedent for customer lifetime value (CLV) – “Driving double-digit revenue growth, superior retention, and richer, more nurturing long-term relationships.” Data asserts that companies who that get personalization right generate 40 percent more revenue from those activities than other players.
Watch the Webinar: Modern Brand Experience: Using Consent & Preferences to Build Trust in Marketing
OneTrust PreferenceChoice provides the toolset to streamline privacy and marketing activities. By providing transparency and choice to consumers, businesses can build mutually-beneficial relationships with customers and enhance compliance with global privacy requirements.
OneTrust PreferenceChoice automates privacy compliance for marketing, publishing, and advertising activities by:
A privacy-first approach across digital properties and channels can increase ROI — all while adhering to global privacy requirements from GDPR, CCPA, and more.
OneTrust PreferenceChoice is trusted by more than 10,000 brands worldwide. Get started today by requesting a free demo.