Beyond Marketing: Missing Link of Marketing!
Which of Dear Sir or Dear John do you prefer?
Most of us will pick the latter one, which is indeed the best option. You have chosen the second one because you are following the principle of "personal identification." In human psychology, our brain can encode and retrieve information about individuals based on their unique characteristics, such as their names, face, and voice.
Similarly, when personalisation is strategic in business communication, it brings revolutionary growth for the organisations, which brings us to our missing link of marketing, called hyper-personalisation.
Hyper-personalisation, also known as "one-to-one" marketing strategy, is the term coined by John Deighton, a marketing professor at Harvard Business School and one of the key figures in the development of hyper-personalisation. In his 1996 paper, John described how companies could use technology and data to create personalised experiences for their customers and bring growth in their revenue.
In a nutshell, "hyper-personalisation" is the process that uses technology to tailor a customer's experience based on their unique preferences, behaviors, and demographics.
The B2B SaaS industry achieves this through data analytics, machine learning, and artificial intelligence (AI), effectively helping companies connect and retain customers while driving revenue growth.
So hyper-personalisation is a new concept?
Hyper-personalisation is not new; it has been around for several decades. The origins of hyper-personalisation can be traced back to the early days of direct marketing when companies began using data and technology to target specific audience segments with personalised messages and offers.
In the 1970s, companies started using computer databases to store and analyse customer data, which enabled them to segment their audience and target specific groups with more personalised messages.
In the 1980s and 1990s, digital technology and the internet brought new opportunities for companies to collect and analyse customer data and create more personalised marketing campaigns. Companies began using website analytics, email marketing, and other digital tools to track customer behaviour and create more targeted marketing messages.
However, hyper-personalisation did not become a widespread marketing technique until the early 2000s, with the emergence of big data and, more recently, with the development of machine learning and artificial intelligence. Today, businesses may utilise data from various sources, including social media, mobile apps, and IoT devices, to build highly targeted marketing campaigns and communications suited to a specific target market.
One example of a company successfully implementing hyper-personalisation in the B2B SaaS industry is Salesforce. Salesforce uses artificial intelligence (AI) and machine learning (ML) to analyze customer data and create highly personalised marketing campaigns.
For example, the company's Sales Cloud Einstein product uses AI to automatically identify the best leads and accounts to target with specific messaging, helping to increase conversion rates and drive revenue growth.
According to Salesforce's data, companies that use its hyper-personalisation features see a 30% increase in customer engagement and 25% higher lead conversion rates.
Oneshot.ai, a rapidly growing startup, is another successful example. The company uses AI and ML technology to segregate B2B customers by studying the real-time data of individuals, teams, and companies. Making personalisation a nano-hyper-personalisation process that is foolproof.
When asked by co-founder Gautam Rishi how hyper-personalisation is benefiting B2B clients?
Gautam says we go a step further in hyper-personalisation; we understand our customers and what they are looking for. Our process delivers that:
High open rates
High response rates
More meetings scheduled
Eventually, higher conversion rates.
For example, we recently saw a 38% increase in revenue for one of our HR tech clients.
Onshot's hyper-personalised automated formal communications helped clients increase their conversion and also helped to build a more positive relationship with their customers.
What do reports have to say?
Hyper-personalisation can also improve customer retention and reduce customer churn in B2B SaaS companies. A study by the Aberdeen Group found that companies that use hyper-personalsation techniques to create personalised customer experiences see a 24% reduction in customer churn. In addition, companies that use hyper-personalisation to improve customer retention see average revenue growth of 9.5%.
In the B2B SaaS industry, hyper-personalisation can also improve customer service and support. For example, companies can use customer data to create personalised service and support experiences tailored to each customer's specific needs and preferences.
Hyper-personalisation can improve customer satisfaction and reduce support costs.
A study by Gartner found that companies that use hyper-personalisation in their customer service and support see a 15% improvement in customer satisfaction.
Hyper-personalisation also helps increase upselling and cross-selling opportunities. By analysing customer data, companies can identify which products and services are most likely to interest each customer and target their marketing campaigns accordingly. It can help increase sales and revenue growth.
A study by McKinsey found that companies that use hyper-personalisation in their sales and marketing efforts see average revenue growth of 8–10%.
In conclusion, hyper-personalisation is a powerful marketing strategy that can help B2B SaaS companies increase customer engagement, conversion rates, retention, and revenue growth.
By using data analytics, machine learning, and AI to create personalised content and messaging for each customer, companies can build stronger relationships and increase their chances of success in the marketplace. Salesforce, Hubspot, and Adobe are a few companies that have successfully implemented hyper-personalisation and reaped its benefits.
With real-time data, the right technology, and a robust strategy, companies can create highly personalised experiences that help build stronger, more loyal customer relationships. Using it responsibly and understanding data privacy security is essential. With the right approach, companies can reap significant benefits from hyper-personalisation while ensuring their customers' data protection.
An initial age startup can follow the personalisation too, with no more constraint and pressure to hire efficient SDRs, which means a high salary. Or you can let the experts handle the prospecting. Oneshot.ai, is the only fully autonomous hyper-personalised prospecting that gives you real-time data saving you time and budget. Happy to provide you with a prospecting solution @Oneshot.ai