Change the public perception of the one-size-fits- all approach to everything. Specifically, to marketing by way of using data analytics to drive hyper-personalization.
Solution: In the past, we’ve relied on projections and consumers voluntarily taking on surveys to to generate a general customer base. Now, the use of smartphones and the internet has allowed people, specifically younger people, to be more willing in handing over personal data. The motivation behind this the knowing they will be rewarded for doing so and will have products that identify to then in a personal level.
As brands, we’ve been able to mine explicit (surveys) and implicit (digital trail) signals in data to get a real time feel of our customers behavior, experiences and preferences. Knowing that targeting customers by hyper-personalization has benefited retailers, they are still learning how to utilize data more effectively and connecting with consumers without crossing any line of privacy.
- Segmentation is categorizing customers into subgroups based on particular preferences and behaviors.
- Hyper-personalization is the evolution of segmentation where data is used to curate and personalize to create tailored experiences based on INDIVIDUAL consumer preference. (Source: Benjamin Mokotoff’s definition)
(Source: Kimberly Rescigno from Slalom)