What if you could Profile your customers without profiling? Hmmm…..Yeah right!!
If I go to any website to buy stuff, the moment I click on a product, say a Nikon SLR camera, it tells me that people who looked at this product also looked at a camera cases or SD cards etc. Or people looked at other cameras, etc.
Now what if you could profile a customer before you knew anything about them! And you can today – because if psychological attributes of a customer can be understood, behaviour can be predicted and by predicting behaviour, the customer is profiled better!!
So, what’s different? Here is how it is different. A perfect marriage of Psychology & Technology!!
Say for example, IF I got on a website and clicked on a (lets be expensive), a Mont Blanc pen,
- then based on the psychological attribute algorithms, the product is able to list a bunch of other products – Ralph Lauren shirt, Cartier Watch, etc.
- So, now I, the customer clicks on the recommended Cartier watch
- By now, you – Mr. Retailer, have two products I have shown interest in. So, you have a better profile of me as a customer – Mont Blanc & Cartier
- Well, now based on the algorithms, the product shows you another set of products because of the combination - a Lalique Crystal, LV luggage, etc. (I did say we were being expensive)
- When I finally buy, you have a great profile of me as a customer
This can be done today - to help provide relevant suggestions & recommendations either complimenting 'people also bought' or replacing it!
The product was tested against another "similar" product and drove customers for a push based on recommendations and our product drove 4x traffic than the nearest competitor!! (see picture on top)
You, Mr. Customer , are not being shown what other people bought or liked, you are being shown what you are likely to be interested in.
That for me is personalisation and recommendation in a mass commoditised faceless market.
It works equally well for not so “expensive” products as well. Think what you could do if you were a grocery chain and department store rolled into one or you had different businesses, and this gives you the ability to upsell & cross-sell!!
If nothing else, you have given the customer an extremely personalised experience when coming into your online store!!
Now that is definitely worth something!