How to personalize your product or service with Big Data?
Facebook, LinkedIn, Twitter, Amazon, and many more all-great examples of companies that have done phenomenal things using data to create a digital replica or digital twin of individuals and then personalize the product or services.
This trend is teaching or forcing other industries to further personalize their product or service. So what do you really need to personalize your product or service?
INFORMATION — The data about me.
It is demographic data, personal data, and individual traits. It could range from a simple date of birth to companies your consumer worked for, to skillsets, traits, and any other demographic data related to your domain. This information can help build a more purposeful recommendation. For example, when you switch the marital status on insurance, if the company knew about the marital status — it could lead to a simple congratulatory note or in a more advanced circumstance if the data could feed the sales deals in pipeline the relationship graphs could help it win the deal. Facebook does a great job at this in the consumer world.
INTERESTS — What I like?
Twitter is a good example of something that harnesses the Interest data very well. By having us follow “each” other or brands, it enables us to receive what we need. It connects people to their interests. Imagine expanding the concept. Be it news, notifications, subscriptions, information, and a whole slew of things could be personalized based on the interest areas. The interests could be determined by what we follow and groups we hang out on different platforms.
INTENT — What I would like to do?
Google and Google Ads are a great example of Intent. When you type in plumber in the Google search field, it knows your intent. You are looking for a plumber local to your town. Google assumes the intent and starts providing you with focused search results. If we just advance the concept, if you could discern an individual’s intent as soon as they enter the store, or respond to an email, or go to a certain site, you could stream interactions and content very closely aligned with their intent.
INTERACTIONS — My Personal & Digital trails
Facebook’s Social Graph is one of the most fitting examples. By providing nuggets of code (such as Like button, Connect button) and integrating it to all the various places where users interact with the systems, it amasses wealth of information in an unobtrusive way. Exploring that example further, if we could document every interaction (physical or digital) that an individual has with your “product/service”, we could do a lot more to iterate and tailor the experience.
INSIGHTS — Converting data into value
Using the 4Is above, we can gather a lot of data in a frictionless way and use this data to study an individual by creating a digital replica and then providing value by personally engaging with them be it a birthday wish, anniversary wish, or delivering content/news that they are interested in, or more effectively providing help at the point of need. The opportunities here are endless.
Well we haven’t spoken about Amazon & LinkedIn
Yes, it was for a reason. While Facebook, Google, Twitter, and other companies that are leading the way in the consumer world have approached the data issue with a certain dimension (Interest, Intent, Insight, Interaction) — Amazon has done a phenomenal job of truly applying all of the above in the context of eCommerce and Shopping. It takes each of the I’s above, turns it into value by creating a digital replica and P&L of 1 within the shopping and eCommerce context. Ditto for LinkedIn. It does the same for the professional context.
What do you think about doing this for your product or service?
Mani Gopalakrishnan (Mani G) is an Intrapreneur@heart. Based in Chicago, IL — Mani brings his expertise in digital, technology, people, education, and business strategy to innovate or solve the most complex problems for businesses.
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