@LordOfTheRings thank you for providing this comprehensive solution! I've copy and pasted your Comment here as an Answer, for higher visibility:
"Hi @I_m_illo , yes you can do the personalised emails for dfferent audiences. Please follow this help doc for Campaign Target Integration https://docs.adobe.com/content/help/en/campaign-classic/using/integrating-with-adobe-experience-clou... . Now follow below steps:
1. Create a property for email
2. Added the property to workspace
3. Created different audiences
4. Create redirect offer, one for each audiences
5. Created an experience targeting activity with multiple experiences as per the audiences you have.
6. Also do add at_property param to rawbox call"