A little over a year ago, McKinsey & Company published an article titled “A technology blueprint for personalization at scale”. In this article, the authors pointed out that personalization is one of the keys to success for marketers, and has the potential for creating up to US$ 3 trillion in new value (with Retail, Consumer Packaged Goods and Travel being the top three industries that could benefit).
Implementing personalization successfully requires
- High quality and broad customer data, both internally captured and externally sourced
- Analytics to assess customer potential – both human driven analytics as well as AI / Machine Learning
- Flexible content to “tune” the information delivered / offers provided to the customers
- An omni-channel approach to delivering customer value
Orchestrating these different elements together requires a vision of how to deliver personalization and a “beginner’s mind” – the willingness to experiment with different alternatives and to set preconceived ideas aside.
This type of data-enabled, analytically-driven personalization can provide customers with improved experiences. Handled correctly, customers will see that companies will provide them with personalized benefits and relevant communications – offers, advice and rewards – that will justify their increased interactions.