Customer segmentation has been a tried and true marketing technique for decades. However, today’s customers demand hyper-personalization that segmentation techniques are not able to answer. Quite simply, because they continue to put the product we are selling first, not the customer. Meeting the expectations of today’s customers’ demands a new approach. An approach that puts the customer first and allows us to target segments of one, at scale.
Hyper-Personalization the New Competitive Differentiator.
A recent report from Accenture states 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, and knows their purchase history. And, the report goes on to say that customers are willing to shop more with brands that recognize them as an individual and can provide recommendations based on their specific needs. In fact, Forrester says 86% of customers are willing to pay more for a better experience.
Capabilities Needed to Meet Personalization Demands… Recently, new technologies have emerged to help add the capabilities needed for our teams to market smarter and allow them to interpret intent and support individual customers in a non-invasive, but hyper- personalized way. And, these new technologies are now available and affordable for all size organizations.
There are three capabilities critical to driving to a segment of one, at scale.
- Data foundation: All your customers in one centralized repository, irrespective of channel.
- Inline Analytics: Deliver automation to your customer engagement strategy and enables much more individualized interactions.
- Orchestration: Gives your organization the agility needed to design seamless workflows across channels and devices and present real time next best action recommendations.
Customer segmentation is not going to drive the achievement of your customer acquisition or loyalty goals. Not taking advantage of the new technologies and capabilities they provide is tantamount to setting yourself and your teams up for failure.
Our latest eBook, The Value of Context, Cross Channel and Real-Time Capabilities: Advancing Marketing’s Productivity, the capabilities and technology platforms needed to put the customer first and create segments of one, at scale. It is available to download, here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.