Preference Management Strategies Can Greatly Impact A Company’s Bottom Line
DULUTH, GA (September 24, 2018) – PossibleNOW™, the leading provider of enterprise consent and preference management solutions, today announced the availability of its latest research white paper: “Enterprise Leaders Reveal Their Approach To Preference And Consent Management.” The paper offers an in-depth look at how companies research and implement enterprise-wide preference management systems; identify possible roadblocks; and measure ROI for bottom line impact. Click here to request a copy of the report.
Preference and consent management is extraordinarily critical to the success of any digital marketing initiative. For example, according to ExactTarget, 77% of people prefer to get permission-based promotional messages via email (versus direct mail, text, phone, or social media). Even though businesses still rely on email heavily for online marketing efforts, there are still preferences within email that your customers are seeking so that they only receive the specific email messages that suit their unique needs. And since the average email opt-in rate is 1.95% (via Sumo), it’s critical to meet the preferences and needs of every customer that opts in.
Understanding How Today’s Brands Research Potential Preference Management Solutions
The new research paper from PossibleNOW looks at how organizations identify possible solutions for their enterprise-wide preference and consent management solutions. PossibleNOW researched preference management strategies from Fortune 500 companies across a spectrum of industries, including financial services, real estate, healthcare, technology services and consumer product goods. The company first sought to identify the sources of information organizations rely on to select foundational systems to introduce into their technology ecosystem for the management of preference and consent data.
Not All Preference Management Implementations Are Alike
The paper then goes into great detail in explaining the different ways companies implement their preference management system. This variation, based on several organizational characteristics, can best be described as a “spectrum”. This can range from very stable and self-sufficient operations with strong internal IT capabilities, to those that may be influenced by outside factors and prefer to outsource much of their IT infrastructure.
Possible Barriers To Success
There are possible roadblocks to success of any preference management implementation. The paper outlines some of these, which include lack of internal stakeholder ownership, where no single group is responsible for strategically creating a plan for the collection, storage, and use of a privacy and consent system. What’s more, oftentimes organizations lack an understanding of a return on successful personalization of preferences, and how that equates to the bottom line.
“Implementing the right enterprise preference and consent management solution is more than a compilation of IT development and execution, it has far greater consequences on an organization,” said Eric Holtzclaw, Chief Strategist, PossibleNOW. “Companies spend a lot of resources to attract customers into their digital ecosystem and establishing an effective preference management environment that caters to personal needs and feeds all divisions systematically can deliver great returns financially.”
Click here to request a copy of the report.
PossibleNOW leverages powerful technology and industry-leading expertise to enable companies to listen to customers, remember what they like and dislike and respond in useful, personalized ways. Its enterprise consent and preference management platform, MyPreferences®, collects customer and prospect preferences, stores them safely and makes them available to any other system or application in the enterprise. PossibleNOW strategic services experts identify opportunities, plan technology deployments, design preference collection interfaces and position clients for a win. PossibleNOW is purpose-built to help large, complex organizations gain control over communications, mitigate compliance risk and reduce marketing expenses while improving customer experience and loyalty. For more information visit www.PossibleNOW.com.
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