Many companies talk about personalization, but very few have enough valuable data to make it actionable. Leveraging existing data sources to personalize the experiences for every user can drive product growth.
In this article, Brianne Kimmel, investor and startup advisor, presents a framework for collecting the right data at the right time and discusses best practices on how to build personalized programs to keep users engaged over time. Essentially, data is the number one question that comes up a lot. How can you use data to be delightful? Brianne will reveal how much data you really need to start personalizing over time.
What is Personalization?
It is the ability to use data to improve the overall experience for your customer. Some companies don’t get personalization right due to 39% of insufficient data, 38% of inaccurate data and 40% of delayed insights. Before a company can personalize, data is needed.
The Three Types of Data for Personalization
- Intent data is information collected based on actions.
- For example, What are you searching for? What sites are you visiting? What are you reading about?
- How do you acquire intent data?
- Site behavior (Tracking & Intent Score) – Watched video, Downloaded content and Visited pricing page.
- External Sources (Pay to play) – Google, Facebook, and Review sites.
- Transactional data is an exchange, agreement or transfer in a given time period.
- Not a differentiator or a relationship builder.
- How do you acquire transactional data?
- Visits, Add to cart and Complete transactions.
- Psycho-demographics data focuses on people.
- The demographic factors include age, location, gender, etc.
- The psychographic factors include values, interests, and opinions.
- How do you acquire Psycho-demographics data?
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