Recommendations to personalize your value proposition
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I still remember on television in the 90's when the commercials interrupted the best moment of “our” movie, but worse still, it was what in that commercial they tried to sell us, because it often corresponded to a product that did not quite fit with our interest. Those were the times of publicity that "shot" the flock. How far were we from a Netflix? How distant were we from personalization?
In 30 years the world changed to place personalization at the epicenter of strategy. These days, new consumers demand unique content and experiences. Thus, the most valuable companies on the planet are focused on product personalization, marketing and the customer's shopping experience.
In a hyper-connected world like the one we are in, if the company fails to establish a personalized and fast bond with the client, it has no chance of surviving in this new decade 2020-2030 “governed” mainly by new generations such as millennials , genZ and gene alpha, which do not respond positively to analogous strategies and tactics typical of the 80s and 90s.
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Commercial management now seeks to connect the brand with its customers in a much more individualized way and in real time, which imposes great challenges of creativity and innovation, which allow us to design fast, convenient and unique shopping experiences for each client that us. visit. However, the stark reality is still far from approaching these standards. A recent McKinsey (2019) survey of senior marketing leaders found that only 15% of CMOs believe their company is on the right track with personalization.
All of the above said, here are three key recommendations to personalize your value proposition:
1.- Personalize your value proposition at all online and offline contact points with the customer
Each contact with the client translates into an experience, and as such, the client will always be evaluating it based on their expectations.
2- If you really want to personalize your value offer, you must ask yourself and answer questions that allow you to know your customers deeply:
What are your customers' favorite products and what other products would they love to buy? What type of offers and what type of message do your customers respond best to? How much have they bought in the past and when should they buy again? How do your customers buy? and What are your favorite channels?
If you can answer these fundamental questions, then for each person who comes to your website or point of sale, you could create a shopping experience completely tailored to the needs, wishes and demands of your customers, with each step carefully planned to nudge them gently toward that important purchase.
3.- Place your attention on brands that are leading the creation of personalized experiences for their customers
The Sephora case that received the perfect rating for its experience on its website and its email. Walmart which has also earned perfect ratings for its mobile experience and high ratings for its email marketing experience. Nike is always looking to hyper-personalize its marketing by intelligently using the aggregated data of its customers. Netflix that has customization and speed in its DNA. Their service not only shows you recommendations for movies and series based on the content you've seen, but it even customizes the covers of the movies, giving prominence to the actors or actresses with whom you are most familiar. And when it comes to customer behavior targeting, predictive analytics, and personalization, Amazon is the number one company. Its personalized and contextualized advertising is the great commercial value of this e-commerce giant. From individualized website content to personalized emails and offers, Amazon offers dynamic messaging tailored to the customer, based on real-time data.
We can then think that companies are leaders in their industries, when they manage to personalize the relationship with their customers in a valuable way. And this is not mere speculation. In a 2019 study, Monetate described the ROI of personalized marketing very well. In this study, they found that personalized marketing drives growth, as 93% of companies with an “advanced personalization strategy” experienced significant revenue growth.
As Arthur Conan Doyle said "You get good results by always putting yourself in the other's shoes and thinking about what one would do if it had been the other." We are on the verge of a new era and His Majesty personalization is entering through the front door.