NEW YORK, July 25, 2016 /PRNewswire/ -- An increasing number of brands are leveraging the latest in technology and data to offer customized products and services. But a new Radius Global Market Research (Radius GMR) survey finds that success rates are low with consumers saying marketers' customization efforts "get it right" less than 30% of the time, on average.
The Radius GMR survey provides insight into how consumers currently view and value customization across a range of industries. Key findings include:
Consumers understand the potential of customization.
A majority of consumers (62%) are aware of customization and have a clear idea of potential benefits. Top on their list is being able to stay in the know about new products and services (46%). They also appreciate the convenience such as less time spent shopping and making fewer trips to the store (44%). Customization is also a way to reduce waste by receiving less of what they do not want or won't use (33%).
Consumers are loyal to Loyalty Programs.
Marketers looking to customize the brand experience for consumers might look to loyalty programs as a place to start. Loyalty programs topped all other customization methods, in every category, based on a combined measure of consumer interest (70% on average) and utilization (61% on average). But customization is far from a one-size-fits-all proposition. After loyalty, the most popular customization methods and programs vary greatly by industry.
Gender influences preferences.
Men and women view relevancy of customization differently. Women see the most value when it comes to skin and hair care (61%); fashion and apparel (59%); and health and wellness (58%). Men on the other hand want customized offerings in technology (50%); television/movie entertainment (49%); and banking services (44%).
Generations see benefits differently.
If customization efforts are targeting specific age groups, it's important to note that desired benefits stack up differently. Consumers, aged 18-34, enjoyed the "element of surprise" and the "ability to achieve and support a particular image or lifestyle." Consumers, aged 35 to 54, appreciated the "convenience of less time shopping" and "help with meeting the needs of their household." Consumers, aged 55 and older, felt that being "introduced to new products/services" and "reducing waste" were most valuable.
"Radius GMR's survey shows that consumers are potentially very receptive to efforts to customize the brand experience," says Radius GMR Vice President Shira Horn. "But if marketers don't do the homework involved to provide and communicate highly relevant benefits to their specific audiences, they are unlikely to capitalize on the opportunity."
"Marketers getting customization right strikes the delicate balance between offering enough choice and keeping the process from becoming complicated or time consuming," adds Radius GMR Vice President Shari Aaron. "Having clarity around an audience, specifically around their degree of category-specific interest in customization, is key to building a winning strategy."
Radius GMR surveyed consumers in the U.S. and U.K. and covered a broad array of industries. Results also reflect expert interviews and extensive secondary research. Explore the findings in more detail at www.radius-global.com.
About Radius Global Market Research
Radius Global Market Research (www.radius-global.com) is one of the largest independent market research companies. For over 50 years, Radius GMR has partnered with global marketers to develop insights-based strategies that drive brand performance. Radius GMR is based in New York. Global operations include London-based Radius Europe, Radius MEA in Dubai, and Radius Asia in Beijing.
SOURCE Radius Global Market Research