Research, which incorporated real customer data for the first time, has tipped the balances in 2021
Dynamic Yield, the Experience Optimization platform, announced the results of its fourth annual report on the State of Personalization Maturity. The study, which examines how brands are tailoring customer experiences as part of their larger business strategy, exposed greater levels of maturity than in recent years
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Representing the first time Dynamic Yield has incorporated and compared data directly from within its customer base, the numbers show more resources and processes put in place as well as the enhanced ability to effectively use data for decision-making. The increased maturity has led to a significant uptick in reported numbers of truly personalized experiences and strong success stories to back them up.
From its last published research in 2020, which found the market Basic in its efforts, this year, Dynamic Yield customers tipped the balances, reporting Advanced levels of personalization across seven out of the eight signals used to measure maturity.
A comparison of the two groups unveils significant takeaways, such as:
63% of Dynamic Yield customers reported having small teams that are responsible for deploying personalized campaigns for specific channels, whereas this is only true for 20% of marketers and executives from the rest of the market.
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31% of respondents from outside of Dynamic Yield’s customer base shared being very effective in their use of data for making informed decisions across marketing initiatives, a number that jumped to 58% for clients.
52% of Dynamic Yield customers cited knowing all of their users and personalizing most experiences, with 9% of outside marketers and executives reporting the ability to do so. In fact, among this group, 43% revealed they treat all users the same.
41% of non-Dynamic Yield customers claimed they currently do not have any personalization success stories at all, with 48% of the Experience Optimization platform’s users able to tie their efforts to key business metrics. Further, 40% can source documented stories with big numbers, which a mere 6% of others in the industry can account for.
“Our homegrown segmentation framework is just one example of how we are helping teams mature from a merchandising mentality to one focused around customer-centricity,” said Yaniv Navot, CMO of Dynamic Yield. “With it, customers have been able to develop a clear understanding of what each key audience represents, continuously learning from their behavior while also institutionalizing insights that bring them closer to their own customers and business objectives. Now the rest of the market needs to follow.”
Dynamic Yield elicits responses from its personalization maturity self-assessment test on an ongoing basis, analyzing the results to benchmark and compare the state of personalization maturity in the market year over year. This year, 234 customers participated alongside 238 executives and marketers from across the industry to produce more than 450 entries from AMER, EMEA, and APAC within the eCommerce, media, travel, finance, iGaming, and technology fields. The company has identified four stages of personalization maturity: absent, basic, advanced, and pioneer, and measures brands based on their reported ability to unify data, their dedication of resources to drive personalization, visionary outlook, and more.
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