Boost Small Business Sales

15 April 2024


Personalization Can Boost Small Business Sales Up To 40%

In today's market, the generic, blanket approach to marketing is a thing of the past. Consumers are interested in buying more than just products and services. They expect a personalized experience. More than that, they are willing to give long-term loyalty to brands that recognize them as individuals.

Using strategic personalization in your marketing strategy is a potent way to meet customer expectations and amplify engagement. More importantly, it can boost sales by up to a staggering 40%, as highlighted by insights from McKinsey & Company.

Here is why personalization can be a game-changer for both huge brands and small businesses alike.

Why Personalization Works

Imagine receiving a message or seeing an ad tailored specifically for you. This is personalization in action, reaching out to you with relevant content based on your interests and behaviours.

Most importantly, it treats you as an individual rather than just a number in a crowd. This is the difference between, “Do you suffer from back pain?” and “Hey Mark, here are a few ways to help with your recent back pain.”

This approach doesn't just feel good; it drives tangible results:

  • Increased Conversion Rates and Sales

    Tailoring your messages and offers can resonate more deeply with customers, turning passive interest into active purchases.

  • Enhanced Customer Experience

    By moving away from one-size-fits-all tactics, you craft unique customer journeys, elevating satisfaction and building loyalty.

  • Improved Cross-Selling and Upselling

    Understanding what your customers want or need, based on their history or preferences, maximizes the value of every interaction.

Research shows that personalized messaging is 76% more likely to convert customers. In addition to conversion rates, brands see up to 150% improvement in product interest accuracy when using customer segmentation.

Boost Small Business Sales

How to Bring Personalization to Life

As technology advances rapidly, there are numerous ways for your business to incorporate personalization into your customer experiences.

For example, CRMs and analytics platforms can easily gather insights into customer preferences and behaviours, empowering businesses to tailor communications and offerings with precision. Combining AI with the process can help your team take it to the next level.

Here are some real-world examples

  • Amazon analyzes customer behaviour and purchase history to recommend relevant products, driving 35% of its revenue from these personalized recommendations.

  • Spotify provides highly personalized music recommendations based on each user's listening data and preferences.

  • Airbnb personalizes the vacation rental experience by showing users properties relevant to their location, search history, and preferences.

Of course, personalization can work on a small scale as well.

Try sending an email to all your customers, personalizing it with their names and promoting a product. Segment those who opened the email and clicked through but didn’t finalize a purchase. You can then send a follow-up to that group offering a special deal for finalizing a purchase.

This is a simple way for small brands to use personalization without spending a lot of money.

Practical Steps to Implementation

Going from zero to 100 can be daunting for any small business, so it's best to start with small steps. Below is a set of actionable steps you can start taking today to put your business in a position to start seeing results.

  • Data Collection and Analysis

Utilize every touchpoint your business has, from website visits and social media interactions to purchase history and customer surveys. You can then build a comprehensive view of your customers.

  • Segment Your Audience

Break down your customer base into manageable, meaningful segments based on demographics, behaviours or preferences. This segmentation allows for more targeted and relevant communication.

Craft Tailored Content

Once your segments are defined, create content that speaks directly to the interests and needs of each group. Whether it's email marketing, social media posts or website content, personalization should shine through. AI tools like ChatGPT and Google Gemini can help make content creation a breeze for those limited by resources.

Implement Dynamic Recommendations and Content

Use customer data to power suggestions and content that resonates on a personal level. Analyzing purchase history and browsing behaviour with automated tools can make cross-selling and upselling more effective and efficient.

The Bottom Line: Personalization Should be a Priority

With the right mix of technology and strategy, personalization can transform how businesses engage with customers. More than that, driving unprecedented growth and customer satisfaction, unlocking loyalty and sales.

Add Financing to Your Strategy

Research shows that offering reliable financing can help increase sales by up to 30%. While finessing your marketing tactics to drive traffic and product interest, why not give your customers more ways to move forward?

LendCare offers simple, online loan applications for your website, so customers can get pre-approved for financing in minutes. Click here to learn how we can help accelerate your sales.

Check your loan balance and account with our app.

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Log in or sign up using the email address associated with your LendCare loan.*


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