Personalized Marketing Draws More Bank Spending
While the retail industry is at the forefront of personalization practices, the financial services business has also grown serious about it over the past year, according to a recent study. The research was conducted by WBR Insights on behalf of personalization software provider Monetate.
The study posed questions to marketing decision-makers in retail, financial services, and travel and hospitality. It defined true 1-to-1 personalization as “the ability to interact with each individual, at any moment, across all touchpoints, based on everything known about them.”
The research found personalization efforts have advanced overall and are now considered a long-term strategy by all three industries. Respondents were asked, for example, what their primary business goal is for implementing personalization. Roughly a third answered, “Increase customer lifetime value.” This goal, however, was second to “Increase customer loyalty,” which, among financial institution marketers, was the No. 1 driver, at just over 40 percent.