– Understanding the quality of the audience is important in marketing.
– Personalization is not always the key to unlocking massive gains.
– Simple reasons such as considering options, lack of information, price, and product availability can affect customer purchases.Focus on understanding what makes quality customers for your business and prioritize targeting them, rather than relying solely on personalization techniques.You’re going to hear a lot more people start talking about understanding the quality of the audience. I’ve been talking about it for years. You’re also going to hear a lot more people talk about personalization as being the secret to unlocking massive gains. It’s not. The truth is, in most situations, the juice isn’t worth the squeeze. The reality is that most people buy for simple reasons. People who sign up for a discount for their purchase but don’t purchase do so because: 1. They are still considering options. Some products just aren’t a priority purchase. We have people who sign up all the time and say they are looking to buy in a few days or a few weeks. 2. Your website doesn’t provide all the information they need to make a purchase. Far more often than not, I’ve failed to make a purchase because I couldn’t find all the information needed to finish my purchase or make my decision. 3. Price. Psychologically speaking, people want to “feel” like they are getting a good deal. Whether your pricing is added in specifically to make it happen or you have a process to make it appear that someone can take an action to unlock something, the idea of getting a larger discount forces people to get off the fence and take action. 4. Product availability or product type. We care about things like color and size availability. Although you should be in stock all the time, there are times when you’re out of stock and the timing is such that someone needs to find an alternative. These are all high-intent customers, and if I’m honest, there’s no amount of personalized information that’s required to increase your conversion rates. We like to think that if a store just provides us with the options best for us, we would purchase more, but more often than not, we’re discounting to cause the conversion. Know your business, understand what makes quality customers. Focus on the quality ones.https://www.linkedin.com/in/jivanco