Personalization is no longer a novelty, but the ability to provide a personalized experience in real-time is what sets businesses apart. In the past, personalization involved grouping people together in a “one-to-many” approach, but today, it means delivering a “one-to-one” experience at scale by leveraging the power of AI and marketing automation.
Comviva’s latest research study shows that personalization will influence over 30% of all revenue across industries by 2024. This is expected to increase at a rate of 88% in the coming years. In short, real-time personalization is no longer a luxury but a necessity for businesses to remain competitive
and to drive growth.
Most companies have already adopted a personaliziation strategy, now is the time to recalibrate to take a step into the future. Let us take a look on how businesses can leverage the economic benefits of real-time personalization. To fully capitalize on their efforts, companies require a well-defined approach.
Here are some essential steps to unlock its full potential:
1. Adopt an authentic and economically viable real-time personalization strategy. Companies need to create a real-time personalization strategy that is both comprehensive and true to their requirements. From the customer point of view, customers can quickly see through generic, automated experiences that do not resonate with their specific needs. Businesses need to focus on building one-to-one relationships with their customers. To understand their unique preferences and provide personalized experiences that create an emotional connection.
2. Invest in CDP, AI & Marketing Automation tools to achieve real-time personalization at scale. These tools collect and analyze data in real-time for each customer, which allows businesses to better understand customer interests, behaviors and future expectations. By perusing the information and profiling each individual customer, businesses can now craft personalized journeys at scale for their customers. This fosters deeper connections with customers and leads to increased loyalty and revenue. Bank of America’s AI-powered virtual assistant is an excellent example of this, it provides predictive insights to customers for better financial management and a personalized experience that fosters a strong brand-customer relationship.
3. Streamline marketing processes . According to Comviva’s research, reducing customer acquisition and retention costs by 2024, is one of the top goals of businesses. Real-time personalization helps companies achieve this goal by providing tailored individualized experiences that better serve customer needs, eliminating inefficiencies and reducing costs. This translates to savings that can be reinvested in further improving customer experience. Think of it as a game of Pac-Man, where software devours marketing inefficiencies, freeing up resources for more impactful initiatives.
In today’s rapidly changing digital world, it’s becoming increasingly difficult for businesses to capture their target audience’s attention. With countless messages and ads vying for consumers’ attention, brands must make their experiences highly contextualized, engaging, and memorable, to stand out from the crowd. That’s where real-time personalization comes in. Using AI and automation tools, businesses can offer tailored experiences that resonate with their customers, resulting in increased revenue, improved customer satisfaction, loyalty and reduced churn. The future belongs to those who can personalize experiences in real-time. Invest in this game-changing strategy, today.