Personalised marketing has been around for a while. As brand marketing departments started to realise that the old rules were no longer always applicable, they found new ways to market their products and services and the result is the ‘up close and personal’ approach.
In Deloitte’s latest consumer review, Made-to-order, it says “In the era of all things digital, consumers have higher expectations: they want their interactions with businesses and the products and services they buy from them to be personalised”.
Some brands have gone a little too far with their personalised marketing which can come across as a little creepy (a colleague recently experienced this when a retailer sent her a personalised brochure detailing what she had bought from them and when), so if you’re going to engage in this type of marketing, make sure you get the tone and level of personalisation right. Ask yourself: how relevant and useful is this? Will it generate new business and retain existing clients rather than turn them off? What’s in it for your business in the long term?
Deloitte say that three-quarters of consumers said they receive too many marketing emails from companies, half avoid brands that contact them with poorly targeted communications and two-thirds have even “unfollowed” such brands and closed their accounts with them. Although the business of financial advice is not the same as online retail, the personal touch can be useful for relationship-building and targeting key areas certain clients may need to address such as estate planning or school fees. You need to test and learn what does and doesn’t work and make sure you maintain the values of your company. Plus, if you stick to the relevant guidelines around customer privacy, you should see measurable success with your personalised marketing campaigns.