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“60% of retail, e-commerce, and consumer goods and services companies are personalizing emails based on past purchases, versus 38% in 2019.”1
The race towards personalization is on. Companies know that in order to stand out from the average 121 emails we receive each day, their messaging needs to be relevant and timely. Today, 80% of consumers want, or even expect, a high level of personalization. How well do you know your customers? Is transaction history enough?
In the growing online environment, data has quickly become the lifeblood of almost every consumer focused business. Through the advanced collection and use of data, businesses can begin to understand more about a person as they navigate a company’s digital presence and predict what products, offers, content, etc. would best serve that person.
A sporting retailer could, when using transaction history, market new running shoes to a consumer who made a similar purchase six months ago. Is intent to purchase there? How can you nudge them? It’s difficult to know.
However, what if there was a way to access the most personalized data, information that would help you understand your customers and better serve their needs? Health, lifestyle and behaviour data, accessed securely and with consent, empowers retailers with a new data layer previously unimaginable.
People are already collecting this information on their wearables and smartphones. Using the Sprout Open Health API™ companies can leverage this data to provide further insight into consumer activity. It’s the final piece in the puzzle that enables a business to create personalized messaging that is most relevant to the consumer.
For example, what if that same sporting goods retailer, using API integrations through their mobile app, knows that their customer is an avid runner, and therefore needs to replace their running shoes every four months? Rather than a generic email campaign that guesstimates a customer’s need, the retailer could send messaging that is relevant, timely and personalized.
“Congratulations Phil! To help you celebrate running 500 miles we are offering 15% off your next purchase before the end of the month.” Capturing health, behaviour and lifestyle data allows retailers to capitalize on opportunities to congratulate their customers on health accomplishments, deliver new and relevant content, and even surprise and delight with meaningful communications.
Knowing your customer also enables more successful cross-selling. Health, lifestyle and behaviour data allows for enhanced personas, meaning your business is offering the right products to the right person at the right time.
The Sprout Open Health API provides retail businesses with access to scientifically tested and market-validated features designed to enhance new and existing applications while enriching an organization’s current transaction and marketing data. This new, more personal, data layer enables companies to better understand their existing customers to drive continued engagement while more accurately predicting who will become new customers with insights into what matters to customers - beyond product and price.
Brand loyalty is built on exceptional experiences with your brand. That comes from offering value to your customer and demonstrating that you are invested in them beyond the transaction. All businesses know the costs of new customer acquisition. By discovering and meeting the needs of your customers today, your business will benefit from the greater lifetime value of your existing customers. What’s more, you will be able to more effectively market to your customers of tomorrow.
To learn more about how Sprout Open Health API is transforming businesses, contact us today.