Winning Today’s and Tomorrow’s Customers with Real-Time Personalization | Comviva

Welcome to the age of the empowered consumer! Meet Monica, a savvy marketing professional adept at taking charge of her well-being, finances, and lifestyle. Monica harnesses the power of technology to make informed decisions. She utilizes a wellness app to choose healthy food options, orders groceries with excellent ratings and reviews, and receives tailored travel deals. To manage her money, Monica relies on a finance app that helps her keep track of her investments and expenses. Additionally, the sushi restaurant close to her sends her exclusive offers on Thursdays because they know it is her go-to order.

Monica exemplifies how consumers have become empowered by the vast information and technology available to them. However, it is not only about having access to technology but also the tailored experiences that come with it. Companies must evaluate their desired position in their customers’ lives and act on personalization strategies that align with their goals. This is where real-time personalization comes into play.

Real-time personalization goes beyond simply collecting customer data. It involves leveraging AI/ML and real-time analytics to deliver contextualized products, services, and experiences to customers when they need them most. The goal is to create engaging and seamless experiences that leave a lasting impression.

Real-time personalization offers numerous advantages for businesses. Firstly, it enhances the overall customer experience, generating a sense of connection between customers and the company. Additionally, it helps companies establish trust with their customers. By delivering personalized experiences that address their specific needs and preferences, companies can demonstrate a genuine understanding and concern for their customers.

The latest report by Comviva reveals that 93% of marketers consider personalization as a crucial customer engagement priority in the next 12 months, and they are right. Personalization has become strategically important for both corporate and personal growth. At the marketing level, it means optimizing touchpoints for the digital consumer. This requires creating highly contextualized experiences that are engaging, seamless, long-lasting, and remarkable, and it needs to be done on a massive scale.

Adopting real-time personalization can be challenging for companies as they need to gather and analyse significant amounts of customer data to understand their behavior and preferences. Additionally, they must ensure that their personalization efforts are appropriate and not invasive, as customers are cautious of companies that cross their boundaries. To overcome these obstacles, companies must follow a comprehensive and gradual strategy towards real-time personalization.

While personalization is not a new concept, it is now accelerating with the advent of AI, automation, and analytics. These technologies enable companies to anticipate their customers’ future needs and offer them value that they haven’t yet realized they require. As a result, businesses have a renewed chance to meet the evolving demands of their customers and establish stronger connections with them.

So, are you game? It’s time to reimagine your personalization strategy, rebuild your technology infrastructure, and rethink your relevance. By doing so, you’ll emerge as a category leader tomorrow. Don’t miss out on the opportunity to engage with your customers on a new level. It’s time to embrace real-time personalization!