How a personalised sales approach can boost profits

Businesses have always searched for innovative ways of boosting profits. And although traditional marketing is still used, personalization is a new method of attracting sales and securing customers. Such a strategy helps create meaningful connections with clients and differentiates businesses from their competitors, leading to lasting partnerships. Personalisation takes different forms for every company and depends on a prospect’s position in the sales funnel. 

Overall, an organisation aims to show that it cares more about the customer’s needs than profits. 

One of the most significant benefits of personalisation is that it helps businesses stay relevant in a world of fast-changing technology and trends. Some industries are required to remain on top of the latest tendencies, such as marketing, which has lately changed so much that most companies have a TikTok account that focuses more on entertainment but still appeals to Gen Z clients. 

Personalisation can do so much for a company to develop, but it can surely boost profits, which are more than just money. Improving profits can attract funds from investors, help businesses scale and allow for capital to be invested in the company’s expansion. 

Here’s what personalisation can do.  

Personalisation enhances experiences

Companies are looking to provide exciting experiences rather than advertising their products as the best. For example, Coca-Cola is the most innovative organisation that focuses on experience events and platforms to connect people more with their passions, such as music, food, entertainment and culture. 

The way a business can enhance customer experience by using data. For a successful marketing strategy, the following steps are essential to follow:

• Demographic data is critical to understand more about the targeted audience;
• Firmographic data helps understand more about the companies people prefer;
• Behavioural data reveals how customers behave when entering the company’s website;
• Contextual data is related to the client’s behaviour and provides context, such as the device type or location;

Analysing these stats helps the business react correctly when a lead takes a specific action. Of course, not all data is important, but luckily, many software solutions help companies decide which data is more or less valuable. Making customer experience a priority can boost sales because when clients feel appreciated and start to trust a brand, they’ll buy more products and become loyal customers. 

Personalisation increases revenue

Personalising sales is a newer approach that businesses are addressing. This strategy involves tailoring a pitch to address a customer’s challenges. Companies can turn unknown visitors into hot leads by treating clients like humans and not like simple numbers. For example, chatting with prospects in real-time is one of the best ways to build stronger connections and achieve better sales results. 

Personalising customer purchases is another trick that increases revenue. A business can provide multiple payment options to appeal to anyone’s preferences, such as having a credit card machine for stand-alone payment terminals that accept contactless, Chip&PIN and magstripe payments. 

Finally, personalising follow-ups can help companies close more sales and improve their ability to onboard customers. This can be done with CRM data, which can comprise important data such as the following:

• The events people have registered for;
• The support tickets clients have opened;
• Email campaigns customers have engaged with;
• Web pages people have visited;

These stats help increase revenue by simply boosting the response rate, which can go up by almost 50% more by sending a single follow-up. CRM data can also raise open rates if used properly. 

Personalisation provides context-based support

The enhanced experiences discussed in the first paragraph are done with contextual data, which is the only aspect you need to prioritise. Allowing a customer to get personalised support depending on their preferences, experiences and needs will ensure your company a boost in sales, especially during special events, such as Valentine’s or Christmas. With CRM services, a good knowledge base and myPOS, any business can provide support, eliminate time-wasting conversations and offer great payment methods when customers are finishing a purchase. 

Context-based support can be challenging, but it can be tackled with the following:

• Divided campaigns that allow for a wider reach;
• Target audience analysation strategies to provide more relevance in contextual targeting;
• Grouping frequently-used keywords that are more contextually accurate;
• Attention-grabbing pay-per-click ads;

Offering contextual support more often can prevent customers from leaving the website when confused during a purchase, for example, because ambiguity and frustration are eliminated, and the customer can be served quickly and effectively. 

Personalisation improves the efficiency of marketing spend

Advertising can be quite costly if marketing is done wrong. Generally speaking, a company should spend between 2% and 5% of its revenue on marketing, but this applies more to B2B organisations. However, businesses are either spending less or more than they should because they don’t have an appropriate marketing approach. 

A personalised sales approach can help minimise marketing costs because companies can monitor customer feedback and take action accordingly. Marketing expenditures can also be controlled more by:

• Conducting a marketing audit to quantify All spending across each marketing sector;
• Improving customer targeting to avoid targeting clients who are not relevant to the business;
• Reducing the number of active marketing channels;
• Using marketing automation tools, such as chatbots for social media or email autoresponders;
• Focusing on referral marketing to provide value to customers;

The efficiency of marketing spending can be measured and calculated through the MER formula (marketing efficiency ratio). Although a universally good percentage doesn’t really exist because it depends on each business, whatever the final result is, companies need to analyse more aspects when deciding if the metric is good or not, such as the sales projection of the year, the gross margin percentage and the contribution margin. 

Final thoughts

Personalisation is the future of marketing strategies. This method helps companies have a better and more human approach when it comes to guiding customers, and if it’s implemented in the right way, it can help boost sales and increase revenue. Personalisation is also efficient in providing context-based support and minimising marketing expenditures, which are ideal for a company.