What is Personalization?
Personalization means delivering mass customized communications and buying experiences to customers. Personalization provides consumers value by saving them money, making things more convenient and providing exceptional service.
The appeal for such experiences is high among consumers. They not only want it but expect it. If offered in the right way, this “mass customization” has the potential to positively impact business.
Retailers communicate with consumers using a number of channels including emails, flyers, brochures, online dialogs, e-commerce portals, social media and much more. Using the power of data and technology, the content of these communications can be customized in order to share personally relevant information on the retailer’s events, recommendations or in-store offers.
Some of the top personalized experiences expected by consumers includes–
- Coupons, discounts reward programs that save $
- Recommendations based on purchaser preferences.
- Helpful and personalized customer service.
- Convenience of saved information like habits / preferences.
To achieve above personalization, requires the following:
- Actionable consumer data to deliver real-time custom messages.
- Optimizing your marketing campaigns.
- Reporting on how your marketing efforts are affecting the bottom line.
It has been reported that over 35% of all sales at Amazon are generated by its recommendation engine. Here personalized recommendations are provided based on the user’s browsing and purchase history.
Around 22% of Starbuck’s sales is through its gamified mobile app. This app provides a personalized homepage, using purchase history and location data.
After a customer liked Cadbury’s Facebook page, Cadbury collected information from their profiles and created a video filled with Facebook photos and other personalized information. Ultimately the clip revealed the customer’s best match in milk chocolate. This campaign had a 65% click through rate and a 33% conversion rate.
How are Prescriptive Analytics helps in Personalization?
Predictive analytics answers the question what is likely to happen and what action to take. It only answers one question- How to improve results!!
A process-intensive task, the prescriptive approach analyzes potential decisions by-
Understand- Gain a single view of customer across all channels including social and mobile and uncover marketing opportunities.
Predict- Know what offers and products each customers want. Predict which customers are most likely to churn.
Target- Execute lifecycle relevant personalized promotions across every touch point on the path to purchase.
Measure & Improve- Accurately attribute the revenue contribution of every promotion, tactic and channel and feed into analysis and strategy.
Reach out to us at firstname.lastname@example.org for the demo to know how we are helping retailers globally in personalized marketing.