The new wave of digital customers decide everything in a matter of seconds – whether they like your product, want your service or like your marketing message. If they find some relevant information in your message, then you have just created a loyalist; miss that mark and they are gone forever.
The need for relevant information is particularly pronounced in this era, as most consumers are bombarded with messages which are mostly off-target. Gone are the days of “one-size-fits-all” mentality, with consumers longing for a more sensitized approach towards their needs. Personalized messages offered to the individuals based on their past behavior promises to address this issue.
Era of mass marketing
In the not-too-distant past, mass marketing across traditional channels was considered the best way to get reach. It had a success rate of 3 to 5%.
But today, marketers are well aware that they have to go beyond the conventional tactics to reach out to the heterogeneous groups, based on their geographical location, gender, and age. Even if this macro segmentation ensured relevant communications to be sent across, these lacked the essence of that personalized content. Furthermore, these mass marketing tactics were based on the marketers’ assumptions, while the changes in the most variables in the market environment were not factored in. As a result, they garnered a very low response rate and no brand loyalty.
Era of triggered messages
The new-age-customers have unlimited choices and easy access to unlimited brands. Most marketers operate in a batch and blast mode to message a heterogeneous mix of customers which, in turn, limits the response rate further. These messages did not take into account the important set of information such as how is the user interacting with the brand or how have his previous interactions been.
Era of micro-segmentation
In this centralized, yet, de-sensitized environment, personalization of the communication ushered a change in the functioning of traditional market segmentation. Micro-segmentation has allowed the companies to convert visitors into long-term, high-value customers, at very high rates. Consider the examples of Netflix, Amazon, and Pandora – all these three websites have one thing in common – they are all world-class ‘segmenters.’
The shift from “marketing” to “engaging” customers
Nearly three-fourths (74%) of online consumers get frustrated with websites when the displayed content viz. offers, ads, promotions does not appeal to their interests.
The present-day consumers have a big appetite for personalized offerings. However, their expectations can’t be met by up-selling or cross-selling, or even having the right product placed at the right time. Consecutively, the goal now shifts to delivering the offerings that allow these hyper-connected consumers to find and consume the product of their choice, in the form they want, at a place of their convenience. Therefore, marketers need to work with platforms that ensure the delivery of engaging experiences and convey a more personal, sensitized interaction with each consumer.
Era of real-time marketing
With technological advancements like artificial intelligence, organizations are beginning to hone in their approaches to hunt the key targets for customer acquisition and retention. These tools arm marketers with incredible filtering and associative powers of cognitive assembly that bring amassing volumes of data on a platter. This could be channelized to engage with an individual on a personal level. Personalized marketing in real-time enables marketers to take a step closer to their customers, letting them focus on each individual’s preferences.
Personalized communication helped deliver an offer to customers that became hard to refuse. It was relevant, timely, and appropriate. Since it helped brands achieve an unprecedented level of granularity, it garnered a much higher response rate. The results were outstanding – increase in the top-line by ~40% and increase in the customer engagement by 81%.
Boxx.ai is one such AI-driven personalization engine that provides an automated platform to deliver a more personalized e-commerce experience to each of your customers. It brings your e-commerce business alive in a matter of a few clicks with the world’s most sophisticated algorithms crunching terabytes of data on powerful compute engines.
Its ever-learning algorithms find hidden patterns in your data to identify the most personalized and relevant products for each customer based on their probability to click or buy.
Further, Boxx.ai’s omni-channel execution engine follows EACH customer everywhere they go with just the perfect communication, to increase engagement, transactions or revenue by 40%.
To know more about us, do reach out to us @boxx.ai