More than 9 in 10 company marketers (primarily from the UK) believe that personalization of the web experience is critical to current and future success, detail Econsultancy and Monetate in a newly-released report [download page]. Yet almost 3 in 4 also say that while they understand the importance of online personalization, they don’t yet know how to do it, although 59% say they are getting a good ROI from personalization. Top barriers to adopting or improving website personalization are IT roadblocks, legacy technology, and budget and staff resources, per the study.
Although a majority of respondents agree that big data is driving their focus on personalization, they’re still not fully leveraging all the data sources at their disposal. Just 31% are updating their customer segments in real-time based on every interaction, and less than half are using data from CRM systems or data warehouses to create personalized site experiences.
Interestingly, although a majority of marketers believe they’re achieving a good ROI from personalization, only 1 in 4 said they’re able to quantify the improvement in conversion rates resulting from online personalization. Among those that are able to do so, the average percentage uplift from personalization over the past 12 months (in the context of online sales or key website performance metric) is 19%.
About the Data: The Econsultancy / Monetate Realities of Online Personalization report is based on a survey of more than 1,100 client-side marketers and agency respondents. Information about the online survey was emailed to Econsultancy’s user base of internet professionals and marketers, and promoted online via Twitter and other channels during February 2013.
The incentive for taking part in the survey was access to a complimentary copy of the report just before its publication on the Econsultancy website.
A total of 1,107 respondents took part in the survey, including 628 client-side marketing or e-commerce professionals and 479 supply-side respondents (including agency marketers and those working for technology vendors or other service providers).
58% of survey respondents are UK-based. Another 21% are located in Europe (excluding the UK) and 10% are based in Asia Pacific.