Customers expect a personalized shopping experience, and leading retailers who’ve incorporated personalization are reaping huge benefits. In fact, brands that have effectively implemented personalization strategies are seeing anywhere from a 7.8 percent increase to a 21 percent increase in conversions.
Done right, personalization can pay major dividends, but to implement a personalization strategy that will create the greatest returns, you need to start with a strong foundation: Your team. From C-level executives to technical executioners, you’ll need the right people on your side. Here's how to build your own personalization dream team.
You will need two key C-level executives to collaborate with you on the personalization project for your company. The first is the lead marketing executive -- typically the Chief Marketing Officer (CMO) or Marketing Director -- and the second is the lead technology executive, whether that be the Chief Information Officer (CIO) or the Technology Director.
The CMO will develop a company personalization strategy that aligns business objectives with marketing projects. By defining key performance indicators (KPIs) to measure success, the CMO defines expected outcomes and collaborates with the CIO to implement the personalization strategy.
Based on the personalization strategy developed by the CMO, the Technology Director creates a personalization framework. This framework assesses possible technologies that will help the project meet business objectives and realize expected outcomes.
Business Decisions Makers include the marketing folks -- Product Marketing Managers and Digital Marketers -- who are part of most business teams. In addition to bringing these business decision makers on board to your personalization team, you may also want to bring on Audience Marketing Managers.
This group of individuals will develop marketing campaigns which execute on the personalization strategy developed by the CMO. They will define the hypothesis for each campaign, develop tactics within those campaigns and select the appropriate KPIs. Additionally, your business decision makers will collect assets to be used for each campaign's tactics.
The two key roles for Information Technology Decision Makers are Solution Architects and Business Analysts. These contributors will develop a data model based on the personalization strategy and business objectives from the framework created by the CIO. They will also create a technical roadmap for integration points, featuring additional marketing tools, reporting, offline tools, and any other technology requirements of the personalization framework.