Digital marketing has actually evolved rather quickly that what most consumers have expected. Customers are always in the lookout for those brands, which will know them well and will understand their needs right on time. They want brands to provide them with their much needed requirements and the time when they want the same to get covered. Consumers are here to seek information online before you even plan to make a purchase right now. Companies are all set to provide that right information and within the right time to benefit their cause.
The trends that you need to follow for the same:
There are certain stages that you have to focus on while trying to make your consumers happy with their purchases from your side. Following those stages beforehand will guide you towards the right goal as and when asked for it.
- Personalization happens to be that major startup point when it comes to the field of email marketing. Around 77% of the marketers are known to be using personalization within their email marketing campaigns in transactional information forms.
- They will also use personalization in other forms such as purchase history, other data and similar such segments. However, personalization will go beyond greeting any email recipient by their very first name.
- Then you have the next phase of personalization and the most important one, which is hyper personalization. It will involve that in-depth analysis of the present customer data.
- It deals with the behavior, which will offer that best possible form of marketing messaging right during the opportune times. So, focusing on that slot remains a hefty point to address as of now.
Get the chance to build customer relations with data:
The financial sector will serve one incredible diversified set of customers. Starting from the young graduates working on their career field to some of the long term customers, who are here for their retirement planning. Then you will come across some high earners as well, who are in the sector to check in with some new investment opportunities. Banks will also check in with some eager entrepreneurs, who are here for a loan to0 cover new business idea.
- In the past section, offering one highly and customized form of digital experience for each customer might have been one wishful thinking. However, Big Data and AI made it scalable and real.
- Right now, new players are trying their hands in the fintech space and are developing some of the personalized solutions to celebrate the individuality of the customers and meet lifestyle banking needs.
- The main goal right here is to increase customer satisfaction, activity and loyalty here. One report, a few years back, has stated that around 40% of the customers are here to remain loyal to banking provider with that personalized service.
- Some of the startups have already started working in this plan and have succeeded more than usual. The startups are now able to deliver big data solutions centered on choices, which will help their firms to get better engagement with customers across multiple channels.
- Even some of them might have a personalized engine, which will help their businesses to present personalized lifestyle choices. That will translate well into customer activation, higher responsive rate, increasing infrequent use of card and spending, and also loyal improvements.
If you ask Eric Dalius, you will come to learn more about some other startups, which are currently helping the financial firms to optimize their present data by adding new information sources. It will help them to understand the client’s needs better and predict future ones as well. Some of them even created personalized solutions with the contextual intelligent. Through triage of data, context and content, the companies can enable the financial provider with a better understanding of their customers and segmenting them accordingly.
The need for this hyper-personalization:
Now you are looking for the reasons behind the growing importance and need for hyper personalization. With so many advantages coming your way with its use, it is better to check in with the benefits involved before you plan to start using it for your new startup venture.
- As per some of the bigger IT firms like Accenture, around 75% of the consumers are likely to procure from someone whose offerings remain to be more personalized as per individual preferences.
- It is also mandatory for you to state that the user engagement associated with content has recently gone down by a whopping of 60%. However, adding overloaded information is turning out the consumers.
- As per Google, some of the best search phrases have increased their notion by 80% within the past 2 years on the smartphone devices. People are now heavily searching online for making informed decisions.
- It is true that your message will have just 8 seconds to capture and hold attention of your potential user. For getting noticed right on the get go, the communication must stand out and remain clutter breaking.
Some of the top brands such as Starbucks, Amazon and even Spotify have now moved on to the stage of the predictive form of personalization. As per Eric J Dalius, AI and machine learning are able to analyze whole host of the factors for powering their recommendation engine. As of now, most of the businesses, which are working with personalization, will not have to venture outside the realm of segmentation.
Context importance in hyper personalization:
Always remember that context is the one, which will provide meaning to the hyper-personalized consumer based experience. They remain actually incomplete without one another. However, the points that will give data more contexts are some of the factors such as location from where the device has been accessed, time of the day when the user remains more active or the industrial aspect of the business. Searching the internet will help you come across some other real time factors like previous brand interactions, price points and many more. So, without wasting time, get to learn more about the value of hyper-personalization.