You can’t understand successful marketing campaigns and trends without first understanding consumer behavior. The latter refers to the study of patterns and attitudes adopted by individuals or groups regarding the purchase, use, and disposal of goods and services. It includes their behavioral, emotional, and psychological responses, and is used to analyze shifts in sales and consumption.
What does consumer behavior have to do with personalized marketing trends? Let’s take a look.
The Link Between Consumer Behavior & Personalized Marketing
Personalized marketing has recently taken the world by storm. As marketers study and analyze customer preferences and demands, they’ve paved the way for a new form of customer experience altogether, aided by evolving technology. Consumers now have access to personalized products and services that are much more appealing.
Personalized marketing is no longer just an emerging trend that brands can choose to indulge in – it’s become a necessity. Consumers today are faced with so many products and services catering to one specific need that it’s for brands to break through and reach out to potential customers. What’s more, consumers now expect personalized experiences and prefer them over standardized ones. So, brands can no longer afford to miss out on personalized marketing trends if they want to sustain sales and profits.
What Research Indicates
Personalized marketing trends seem to be every brand’s main concern these days. One survey report indicated that nearly 70% of brands considered personalized marketing as their “top priority.”
A 2019 Personalization Development Study by Monetate found that around 93% of organizations using advanced personalization strategies experienced significant revenue growth. In contrast, only around 45% of companies that did not employ a personalization strategy reported experiencing equivalent growth. The report also highlighted two more important findings:
- The greater the investment in personalized marketing, the better the results.
- Companies that invested in personalized marketing had better customer retention and long-term customer value.
Based on these findings, it isn’t surprising to see why brands have shifted in favor of personalized marketing trends over the last few years. The psychology of personalized consumer experience compels companies to take the initiative and dedicate a set budget to product customization and personalization. More and more consumers seem to want personalized products and services, and this pattern in consumer behavior has encouraged brands to embrace personalized marketing trends with open arms.
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