Why settle for personalization when you can deliver hyper-personalization?
Introduction
Before getting to the specifics, let us first see what the difference is between personalization and hyper-personalization from our point of view.
Personalization:
This refers to delivering relevant content based on a limited set of high-level parameters. For instance, demographic information such as gender, location, or product ownership information.
Hyper-personalization:
This refers to delivering relevant content based on a wide set of parameters that are real-time or near real-time. For instance, digital behavior, CRM data, transactional behavior, etc.
How easy or hard is it to deliver hyper-personalization?
In short, it is easy, provided you are able to sharply segment your audiences and determine the ideal communication for each. The technology that is required to enable this is abundant.
Surprisingly, many brands are struggling to deliver personalized experiences to their customers. This is true for brands that already have the required technologies as part of their MarTech stack.
This isn't true for Xerago's clients, though. In fact, many of Xerago’s clients have already mastered hyper-personalization.
A real hyper-personalization story, from which you can take a leaf
During our digital analytics pitches, we usually slot our prospects’ analytical maturity on 5 levels. Refer the featured image. Most of our current clients fall into the last slot, i.e., "Growing and Greedy".
Here’s the story of one of our global banking clients.
We have been delivering analytical reports for a few years now. With Adobe Analytics. 100% of the portal decisions are data-driven.
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Usually, every week, as part of the review meeting, we used to present new hypotheses or concepts, which the client would review and ask us to execute if required.
We always knew the scope for personalization was huge, yet we were handicapped by the available MarTech, so we kept recommending them to procure a personalization platform.
After our repeated attempts, the client procured Adobe Target Standard a month ago. And we started using it to deliver personalized content to the portal audience.
The Standard Version of Adobe Target has a cap on the number of attributes that can be used for delivering personalization. But we were determined to deliver hyper-personalized experiences.
For the credit card acquisition campaign, apart from the credit rating sourced from a third-party rating agency and stored on the CRM, we were using only demographic attributes—gender, city, and age group—to deliver personalized content.
During the last month’s review, we proposed to the client to sharpen the segments created on Adobe Target by overlaying the following behavioral attributes captured by Adobe Analytics on the demographic attributes:
The client gave the go-ahead. We applied these dimensions to the demographic variables and drastically increased the number of finely crafted segments that are targeted with hyper-personalized campaigns.
Post-implementation, there was a surge in the adoption of recommendations, as evidenced in the analytics reports. The client is happy that they were able to achieve hyper-personalization that is directly contributing to their bottom line.
Summing up
Whether you intend to implement hyper-personalization or not, it is high time to start making the efforts to deliver it.
Remember that such experiences have a greater role in influencing the loyalty of your customers to your brand.
What if some of your customers are also customers of your competitors, and your competitors are delivering them hyper-personalized experiences? Wouldn't they get more attached to your competitors and eventually leave you for better experiences?
What are you waiting for? Reach out to us to deliver hyper-personalized experiences.