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How Personalisation is Changing the Competitive Landscape for your Business

personalisation

Today’s blog is from Donna Vinci, BOQ’s Group Executive and Chief Operations, Digital and Information Officer. Donna recently attended the CeBIT Australia Conference where she shared her key points on personalisation for companies large and small. Below, Donna’s delves into these insights…

Ever had the feeling Facebook knows you better than some of your friends? Personalisation is more than a new marketing trend and when used appropriately, can connect your business with new customers and strengthen the relationships with those you already know.

I recently presented on this topic at the CeBIT Australia conference in Sydney, and discussed how personalisation delivers value to businesses of all sizes.

Today’s advanced analytics are allowing large and small businesses to combine detailed knowledge of daily online habits, audience interests, life stage activity, as well as the intimate knowledge businesses have about their customers’ needs.

A few prominent businesses who do it well are Amazon and Nordstrom. They are setting themselves apart with a couple of key engagement triggers that help to create a memorable emotional response for their customers.

  • Content is personalised enough to get your attention, but doesn’t cross the line of being creepy.
  • Timing is impeccable as well as being contextually relevant, in that, it captures your interest at a particular moment in time or life stage to create value specifically for you.

When personalisation was first introduced, in-depth knowledge about consumer daily online habits could be viewed suspiciously, however research commissioned by Telstra in 2016, Millennials, Mobiles and Money – the forces rewriting Financial Services, tells us that 70 per cent of people do respond well to relevant and appropriate personalisation.

This openness to personalisation presents a significant opportunity for BOQ as a way of reaching an engaged audience and will increasingly be critical for any business. The Franchise model that BOQ operates allows us the opportunity to implement personalisation into our Marketing practices from a national perspective, as well as a localised perspective from the small business managers who run and own their branch.

How has personalisation marketing evolved?

In its basic form, personalisation simply allows content to be split into certain customer groups so that only a subset of products were shown to certain groups based on their demographics, online behaviour, and interests.

For instance the selection of products shown to an individual while surfing the net isn’t random but instead based on topics you know is popular with those customers.

When it comes to personalisation for your Small Medium Enterprise (SME), consider initiating the following:

  • Setup Google Analytics to learn more about the demographics of visitors to your website.
  • Implement Facebook tracking pixels on your website and apps to collect data and increase advertising relevance.
  • Use the analytics available to you in your various platforms, extract this data, collect and store it for group analysis.

BOQ operate Facebook pages for each branch, as well as a national corporate page. Engagement data from these pages allows us to evaluate localised customer behaviour and provides insights that help personalise customer relationships in a way we never thought possible.

Personalisation is about meeting your customers with the right message, at the right time. When it comes to the data available to your SME, a little can go a long way in helping learn more about your customers.

This blog post is for general information purposes only and is not intended as financial or professional advice. It has not been prepared with reference to the financial circumstances of any particular person or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

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