{"id":38413,"date":"2021-11-24T15:04:43","date_gmt":"2021-11-24T14:04:43","guid":{"rendered":"https:\/\/intellias.com\/?p=38413"},"modified":"2024-07-01T17:52:05","modified_gmt":"2024-07-01T15:52:05","slug":"personalization-at-scale-turning-the-future-into-reality","status":"publish","type":"blog","link":"https:\/\/intellias.com\/personalization-at-scale-turning-future-into-reality\/","title":{"rendered":"Personalization at Scale: Turning the Future into Reality"},"content":{"rendered":"

The world was caught off guard by the challenges of social isolation and the massive shift online brought about by the pandemic. For many companies, especially those operating offline, this sudden change meant a complete rethinking of their business strategy to keep pace with a crowded and ultra-competitive market. Businesses not only had to move online to navigate the new normal but also needed to find their unique voice to cut through the noise of growing competition.<\/p>\n

With its strong focus on customer needs and value drivers, AI-powered personalization has provided a new edge for brands in this challenging business environment. Almost before we knew it, we stepped into a new age where an insights-driven approach is becoming a must for any business to be more flexible, nimble, and receptive to change. Read on to find out how personalization at scale can help companies win their personalization game and guide them on their journey to growth success.
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It\u2019s official: The era of personalization is here<\/h2>\n

Within the past two years, we\u2019ve seen fundamental changes in how we interact with brands and do business. Social distancing and avoiding touching surfaces have affected our lifestyles and buying habits, causing us to literally live online and leave a vast digital footprint. By capturing and putting this digital footprint to work using a personalization engine, companies can act on their customers\u2019 key triggers and offer highly tailored digital experiences that are likely to appeal to their target audiences. Businesses should be mindful, however, of security and data storage concerns and proactively manage data privacy, which lies at the heart of trust between customers and brands.
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Source: ScienceDirect \u2013 A Digital Twin Reference for Mass Personalization in Industry 4.0<\/a><\/em><\/p>\n

With vast troves of data at our disposal, we\u2019re now officially in the era of AI-driven personalization, and it\u2019s changing the way buyers engage with brands. A one-size-fits-all marketing approach no longer meets customers\u2019 needs and expectations. Generic pitches, untargeted content, impersonal buying experiences, and ill-timed offers can only backfire against your brand. By contrast, think about your favorite consumer company. Are you impressed by their personalized greetings, bespoke offers, and customized calls to action? They make you feel valued and satisfied at every stage of your buying journey.<\/p>\n

Prioritizing personalization in technology and marketing has never been more urgent and business-critical. Today\u2019s customers expect to be approached at the right time with relevant products and services, even if it means sharing their personal information or paying extra. Once they see genuine value, get an offer that resonates with their needs and makes their lives easier, and feel you care about their preferences and buying experiences, they\u2019ll stick with you.<\/p>\n

While in the B2C world, personalized treatment and easy-to-navigate customer experiences are at the center of any business strategy, the B2B market still falls miles behind when it comes to AI-powered personalization.<\/p>\n

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Taking personalization to the next level: Personalization at scale<\/h2>\n

Personalization focuses on knowing the needs of each individual customer so we can cater to those needs. With the help of automated algorithm-driven processes, all communications, experiences, and appeals are tailored to customers\u2019 specific tasks, habits, or preferences based on what a company knows about an individual.<\/p>\n

Collecting customers\u2019 personal information goes far beyond knowing their age, gender, or job title. Granular behavioral data points \u2014 like the coffee a customer prefers, the shoes they\u2019ve browsed, or the service center they take their car to \u2014 can provide clues into a customer\u2019s behaviors, choices, and buying patterns. This data helps businesses send a timely reminder or a relevant recommendation and ultimately build customer loyalty and prevent churn.<\/p>\n

While personalization is all about individualized experiences and services for a specific customer, personalization at scale<\/a> is a business approach aimed at accommodating groups of people. Powered by data and AI, it involves a robust and mature personalization strategy across all channels, touchpoints, and layers of the customer experience, covering the company\u2019s full product range.<\/p>\n

Embedding AI-driven personalization into the DNA of the entire organization may seem like a mammoth undertaking, but it pays off with tangible benefits. For one, according to Deloitte<\/a>, one in five consumers don\u2019t mind paying 20% more for personalized services. McKinsey<\/a> finds that scaled personalization can generate as much as $1.7 trillion to $3 trillion in new value, though capturing this value calls for incorporating the right technology and properly applying it to business challenges.<\/p>\n

Trailblazers of personalization at scale<\/h2>\n

Personalization pioneers have long been using intelligent customer-facing personalization engines that have changed the user experience for millions. Consider Netflix<\/b>, the world\u2019s most popular video streaming platform, with their innovative, self-improving AI-based algorithms for content matching and recommendations. Netflix uses technology to create a digital picture of each subscriber to cater to their media tastes, actor preferences, and more.<\/p>\n

Amazon<\/b> is another company that bases its website personalization in technology for a convenient browsing experience and recommendations based on a customer\u2019s specific interests. Amazon\u2019s personalization technology ensures that each offer is relevant and perfectly timed. Then there\u2019s Grammarly<\/b>, with their intuitive grammar checking tools that track a user\u2019s writing progress and suggest personalized corrections and tips to improve each text.<\/p>\n

However, not only world-renowned trailblazers can afford AI-powered personalization. It has already become accessible for many businesses. Built on a combination of artificial intelligence and machine learning, big data, cloud computing, and IoT, personalization technology<\/a> is having a significant impact on both businesses and consumers worldwide.<\/p>\n

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Building blocks of personalization at scale<\/h2>\n

If scaled personalization is the practice of building personalized experiences for specific customer groups, segmentation<\/b> is the process of splitting your audience into these groups for focused and efficient targeting.<\/p>\n

B2B companies don\u2019t have it easy when it comes to targeting individual customers. However, identifying similarities and differences within your audiences allows for the effective targeting of specific groups, industries, regions, and demographics. Each of these audience segments will have different needs, purchasing preferences, buying powers, and ways to engage with your brand. A good segmentation strategy is an essential step to understanding the customer journeys for each segment, providing bespoke online experiences, and delivering maximum value for customers.<\/p>\n

For B2B organizations that offer multiple products or services to several industries or smaller market segments, automatic and dynamic website personalization<\/b> powered by a digital personalization engine provides a scalable approach to building highly tailored and meaningful digital communications with customers. Relevant, segment-specific website content and fine-tuned marketing messages help companies create compelling customized experiences, advance customer relationships, and micro-target key decision-makers across diverse business sectors.\"Personalization<\/p>\n

Source: Acquire \u2013 Personalize vs Customize: How Are They Different?<\/a><\/em><\/p>\n

Doing personalization right<\/h2>\n

While innovations in technology and data analytics<\/a> allow businesses to bring a more human touch to customer experiences, many organizations are still struggling to put their personalization strategy on the right track. The effort is well worth it, though. A McKinsey survey<\/a> finds that personalization-driven companies have seen a 5 to 15 percent uplift in revenue and have improved their marketing spend efficiency by 10 to 30 percent.<\/p>\n

Embracing three major transformations will make your personalization more personal and poise your business for success.<\/p>\n