Old-school email personalization methods such as those that relied only on demographics or first-name, don’t seem to be as effective any longer. What’s working is behaviour-based personalization and personalization based on the stage of the buyer journey, a study by MoEngage has shown.
Such advanced personalization tactics require a deep understanding of the customer and a reliable customer engagement tool.
The study showed email personalization to be supremely effective — conversion rates increase by up to 7.7X, CTOR increases by 10.9X, and unsubscribe rates reduce by up to 88%. The report outlines email benchmarks for multiple industries, and every industry is showing a great increase in metrics from personalization strategies.
In an era where brands are scaling back their paid and digital marketing efforts due to severe budget cuts and a looming recession, email marketing continues to deliver. This economical channel provides a high return on investment (ROI), enables brands to send personalized communications and provides immediate, measurable results.
But this means that all brands are turning towards email as an optimal consumer marketing solution. Consequently, customers receive hundreds of emails each day, and brands need to go the extra mile to ensure their emails stand out in the inbox. Earlier, click-bait titles and topics might have done this job, but customers are now wary of such tactics and expect brands to be more honest.
Email personalization is a great solution here. Brands can ensure that every aspect of their communication speaks right to the customer and addresses their specific needs. Personalization gives brands a way to reach customers when they want to be reached, about products or services they’re interested in.
The email benchmarks report for 2023 outlines similar metrics on a case-by-case basis for multiple industries like Retail and E-commerce, Banking and Fintech, Travel and Hospitality, Media and Entertainment, and more. Every metric across industries sees a direct correlation with sophisticated personalization strategies based on buyer journey stage or customer behavior, when compared to regular attribute-based personalization.
