Until recently, everyone’s experience online was broadly the same; you received the same offers, consumed the same content and were irritated by the same intrusive advertising as everyone else. You knew what to expect and when to expect it.
Our expectations, however, are changing. As technology advances and the volume of data collected increases inexorably consumers are beginning to anticipate experiences tailored to them. And brands are more frequently, and effectively, able to provide those experiences.
Website Personalisation: 9 Essential Stats
Ahead of his presentation at our annual advertising conference on 11th October, Conversion and Analytics Director, Ryan Webb, has pulled together 9 essential stats about website personalisation.
These stats serve to demonstrate the value of personalisation, and help you overcome the monetary and resource-based challenges standing in the way of implementing your own personalisation programme.
1. 95% of companies see conversion rates improve through personalisation, according to Econsultancy’s Conversion Rate Optimisation Report from 2017. Clearly, the old rule that relevant marketing performs the best still holds true.
2. Personalisation can improve marketing spend efficiency by 10-30%. This, according to a 2016 study by McKinsey, is the result of personalisation increasing engagement and loyalty by delivering messages that are tuned into and even anticipate what customers want.
3. Personalised calls to action perform 20% better than the default. This was the result of a Hubspot investigation into testing carried out on their own platform. The CTAs were typically tailored to location, browser or language.
4. 83% of consumers expect brands to personalise their experiences. This report from Monetate clearly demonstrates that consumer expectations surrounding personalisation are growing, and the various challenges that brands face with implementing personalisation must be overcome.
5. There is $800bn of revenue ready to be taken hold of by the 15% of companies that get personalisation right. This is within the retail, healthcare and financial services alone - the total impact that personalisation could have is even greater, according to a study by the Boston Consulting Group.
6. The top criteria being used for ‘personalised’ website experiences are location (60%), demographics (56%) and pages viewed (54%). This is according to a survey conducted by website optimisation tool Evergage, which lays out how it’s possible to start with simpler personalisation techniques and build up to the more advanced.
7. 70% of visitors are likely to leave a retail website if the search results aren’t great. This is according to a Forrester Report that suggests that improve site search results will help companies take steps towards AI, online chat and personalisation.
8. 20% of consumers are willing to pay a premium for a personalised product or service. This is according to a study into personalisation carried out by Deloitte. In fact, the expectation for being able to do so is increasing.
9. 42% of marketers say that lack of resource is the main reason preventing their brand from achieving personalisation goals. This is among various other findings from eMarketer. Further to this headline statistic, 23% have challenges with data, 17% don’t have the knowledge, 14% don’t have the technology and 10% don’t have buy in from stakeholders.
There you have it - the statistics above demonstrate not only why your brand should be considering a move to personalisation, they illustrate the compelling returns such a move could deliver, as well as the potential hurdles you will face in your journey into personalisation.
To hear more about website personalisation, what it really means for brand marketers and how some of the barriers you’re likely to meet can be overcome, don’t miss Ryan’s presentation at our ‘Data in Advertising’ conference on 11th October.
