A 5th consecutive benchmarking report launched today from Dynamic Yield, by Mastercard, has revealed that the value in personalisation has set a new record in 2023, with 98 per cent of global organisations believing in its benefits and the majority planning to invest further in the practice than in previous years.
The report found:
- 98 per cent of organisations believe in the value of personalisation
- 64 per cent of respondents saying personalisation is a top business priority
- Nearly 75 per cent have made personalisation a top priority with plans to invest further in the future
- 48 per cent shared that although they believe in personalisation’s value, they haven’t yet orchestrated a true programme or quantified its impact
- A third of companies (30 per cent) described clear goals for personalisation, but that their testing pipeline and experiments aren’t always tied back to generated value.
- Another 30 per cent cited that quantitative goals are typically considered to inform their programmes.
Resources
- 51 per cent of businesses surveyed have small, dedicated teams for personalisation. This is a 9 per cent increase from the prior year – a positive indicator for the industry.
- 42 per cent of respondents identified existing cross-team collaboration on an ad-hoc basis
- 33 per cent (or 1 out of 3 companies) indicated advanced cross-functional collaboration
- Only 7 per cent of organisations have an entire team devoted to technical personalisation implementation and support
Processes
- 17 per cent of brands ingest data from various locations to create a full picture of the consumer
- Only 7 per cent of companies cited not having clean or accurate data – meaning 93 per cent of brands surveyed have at least completed this crucial first step for fueling a personalisation strategy
- 49 per cent of brands say they have free reign to conduct experiments across the entire site as they see fit, but 37 per cent said there are some core elements that are generally off-limits for testing
Effectiveness
- The market has maintained an advanced level of maturity for personalisation effectiveness. Companies intend to be data-driven, to clearly define KPIs, and to limit executive mandates influencing testing
- 51 per cent of brands either don’t currently think about audience strategy or only occasionally apply it to test ideation
- Under 2 per cent of businesses globally declared that almost or all teams are aligned and execute against a singular audience strategy
Harry Hanson-Smith, RVP at Dynamic Yield, by Mastercard, commented: “It’s no secret that personalisation technology has continued to shift consumer behaviour and modernise so many aspects of consumers’ daily lives. From social media and streaming entertainment feeds to online grocery services, banking, travel booking, shopping, and more – the expectation for tailored experiences is growing exponentially no matter the industry.
“And it’s not slowing down – innovations like live commerce and the metaverse will change the way consumers engage. Brands that properly fuel their programmes now to advance their maturity levels will reap the benefits later.
“This report not only highlights the progress personalisation as a discipline has made, but also outlines the focused investments companies must take to revolutionise consumer experience.”
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