Generating Real Business Value with Hyper-Personalization at Scale
In today’s increasingly digital landscape, the challenge for customer acquisition, engagement and retention has never been tougher. Emerging digital technologies have evolved at an unprecedented pace. Customer choice, self-service, empowered omni-channel experiences and evolving customer expectations and behaviors have raised the experience engagement bar.
This now means that satisfying and retaining customers will require brands to invest in one-on-one hyper-personalized engagement experiences — where customers are authentically known, understood, empowered, guided, and supported. The availability of real-time data combined with analytics, AI and ML makes this revenue generating hyper-personalization possible.
Hyper-personalization moves an enterprise from targeting segments of its consumer base, to surgically targeting individual consumers, and wowing them with signature experiences at high-value moments.
These moments that matter can be scaled strategically across an individual customer’s journey. This unique precision of response to individual activities and preferences in real-time can then be scaled across millions of current and potential customers.
How Hyper-Personalization helps to meet tomorrow’s enterprise goals
Hyper-personalization is not an enterprise goal, but rather a powerfully agile enterprise tool that can enable an enterprise to achieve its goals of customer acquisition, customer retention, customer engagement, and product or service monetization.
Scale and operationalize Omni-channel engagement to improve customer acquisition, drive customer engagement and fuel revenue growth.
- Higher Revenue/Margin
- Increase Conversion Rate
- Heighten Consideration Value
- Reduce Content Cost
- Speed Content Generation
Increase customer satisfaction, loyalty and advocacy, by transforming business operations and modes of interaction with customers.
- Increase NBO/NBA Relevance/Accuracy
- Increase size of high-value customer segment
- Increase Customer Engagement
- Greater content reuse
Generate new customer insights that uncover new service, product, support and revenue opportunities.
- Better defined, more effective segmentation
- Increase Contact Base
- Improve Forecasting
- Increase CSAT scores
- Optimize Product Offerings
- Greater Accuracy for NBO/NBA
Three keys to value generation with Hyper-Personalization
Personalization will fall short of enterprise goals unless real business value outcome is achieved. The framework for identifying, crafting, articulating and enabling potential business value can be understood through these three keys for value generation: Business value strategy, Meaningful moments that matter, and Purposeful pathways.
Business Value Strategy:
The exploration of business drivers and their relevant use cases. Starting with business goals concentrates our personalization strategy efforts on real business outcomes. The business value strategy becomes your north star, keeping your team’s efforts honest and true to purpose along the personalization journey, by keeping the main thing the main thing — real business value.
Meaningful Moments that Matter:
Hyper-personalized experiences are most meaningful when they are intentionally designed and surgically targeted to assist individual consumers at high-value moments along their journey. These critical moments are areas of friction along a purchase path, or decision points with disproportional influence on consumer behavior and choice. A complete view of the consumer journey and an accurate understanding of the most critical moments allows an enterprise to change obstacles into opportunities and transform customer touch-points into trust-points.
Purposeful Pathways:
Strategic Hyper-Personalization also provides the ability to move customers to their next tier of brand, product or service experience, across the brand continuum. Purposeful pathways enable the connection of one personalized engagement to another — from predicting and providing what a customer needs, to recommending NBO/NBA based on activity, preference or history, to personalized asynchronous re-engagement that spurs completion of transactions or processes, to rewarding engagement with ‘just for me’ notifications, to emersion in customized loyalty experiences that deepen brand loyalty.
You can find success with a solid understanding of Hyper-personalization in your own enterprise context, a clear view of how to achieve your enterprise goals with the power of Hyper-personalization, and a framework to derive real business value through it.
