Perspective: What Personalization Means for Consumer-Facing Businesses
As Universal Commerce leads to increasing convergence among our social, digital, mobile and brick-and-mortar experiences, personalization strategies are playing a pivotal role in delivering unified, relevant value to consumers. Discussion on this topic from our Innovation Exchange members has revealed a number of key points that suggest personalization is in its infancy, and yet consumer-facing businesses of all kinds are quickly becoming more sophisticated about how they use information along with “anywhere” communications to develop more personalized products and services. It’s not just creating the personalized products, services and experiences that are important but also using them in ways that build enduring customer relationships.
Additionally, the advance of personalization opens the door to new levels of partnership marketing and real-time cross selling that has never been possible before. Every business has its own relationships with its customers, but as those relationships become increasingly grounded in information about individuals and their preferences, then it is possible to play a larger role in that consumer’s ecosystem.
While many organizations are experimenting with personalization today, its potential has just begun to be tapped. Organizations that are committed to transparency, consumer control in their personal data collection and that are willing to invest to develop personalization strategies that go well beyond transactions will be in a position to leverage personalization in ways that deepen customer relationships and create new business opportunities.