In the rapidly evolving landscape of marketing, personalisation has emerged as a cornerstone strategy for both B2C and B2B sectors in 2024.
With advancements in AI and sophisticated marketing technologies, creating tailored experiences for customers has become more attainable than ever before.
Recognition by Industry Leaders
Forbes predicts that personalisation at scale will rank among the top 10 business trends for 2024, underscoring its significance in the marketplace.
Similarly, PWC identifies personalisation as one of the top 4 priorities for Chief Marketing Officers (CMOs) this year, highlighting its strategic importance in driving business success.
Pioneering Personalisation: The Case of Spotify
Since its inception in 2017, ‘Spotify Wrapped’ has set the standard for personalised content.
This annual event has become a cultural phenomenon, with numerous organisations following suit and releasing their own versions of ‘Wrapped’.
The result? Spotify experiences viral popularity every December with minimal promotional effort.
Spotify continually delivers uniquely tailored playlists to listeners throughout the year.
Their latest innovation, ‘Spotify DJ’, further enhances the user experience by recommending songs based on individual preferences at precisely the right moments.
The Shift in B2B Dynamics
While personalisation has traditionally been associated with B2C marketing and sales strategies, there’s been a rapid uptake of personalised experiences in the B2B space.
In 2024, over 70% of buyers are exclusively engaging with personalised sales and marketing strategies.
They expect companies to anticipate their needs and provide relevant suggestions, all within a personalised sales process.
The Impact on Revenue and Efficiency
Businesses that embrace personalisation are expected to generate 40 per cent more revenue in 2024 than those that don’t.
This increase in revenue can be attributed to several factors.
- Firstly, personalised marketing encourages customers to make repeat purchases and upgrade to more expensive plans.
- Secondly, personalisation enhances the efficiency of marketing spend by over 30%.
- Lastly, the average cost of acquiring a customer is 50% less when personalisation is integrated into the sales process.
How can B2B organisations use personalisation in 2024?
Corporate gifting intelligence is a great way to cut through the noise and create a hyper-personalised experience for your prospect or customer.
Personalised gifting within the sales and marketing process leads to a 5x increase in deal close rates, 9x higher response rates and a 480% ROI.
Personalised gifting across existing customer touchpoints leads to a 30% increase in customer loyalty, a 28% increase in customer retention and a 537% ROI.
Businesses cannot afford to overlook B2B personalisation in the modern world where data and AI are so easily accessed.
Mastering personalisation is no longer a luxury but a necessity for businesses striving to thrive.
Personalisation has transitioned from being a nice-to-have feature to a fundamental requirement for B2B success in 2024 and beyond.
