Personalised customer experiences increased potential revenue in the banking industry by 20%.
Personalisation has come a long way from just adding someone’s first name to an email. A one-size-fits-all approach may not work with your customers in 2024. Cue: Hyper-personalization.
While personalisation might be suggesting goggles to someone who’s buying swimming trunks, Hyper-personalization is recommending the specific style, brand and colour of goggles based on previous purchases, browsing behaviour and even the nearest swimming pool.
Hyper-personalisation takes personalisation to the next level by harnessing data and technology to create deeply customised interactions at every touchpoint of the customer journey. We say the customer is king, but hyper-personalisation makes each customer feel so by addressing them as unique individuals and curating experiences that resonate with their individual needs and preferences. From personalised product recommendations to tailored marketing messages and even individualised pricing, hyper-personalization enhances engagement, loyalty, and overall satisfaction.
Hyper-personalisation works on collecting data and its analysis. There’s no lack of data, if not the excess of it. We have access to more data than ever and it is time to get smart and extract useful data from the pile. AI and machine learning algorithms continuously refine their understanding of each customer, enabling real-time adjustments to content, product recommendations, and marketing messages.
Hyper-personalization helps organisations Increase revenue by meeting elevated customer expectations and building trust and loyalty. Although customers demand hyper personalisation, only half of them trust brands with their personal data. The new ball game is hitting the balance between customization and respecting customer privacy. Transparency in data usage and adherence to data protection regulations are crucial to maintaining trust. However, let's not forget the significance of the human touch in transforming the omnichannel customer experience.
Customers like to be the captain of the ship when it comes to navigating a brand. Like an explorer on a quest to self-discovery, they explore different channels ranging from web searches to social media feeds. Consumer behaviour mirrors the DIY (Do-It-Yourself) experience as they work towards their goals. It’s not a smooth sail though. The constant switching between channels pose risks of deflections and interruptions. This may lead to your captain abandoning the ship if interacting with your brand is not easy.
This shift has given rise to the concept of omnichannel Consumer Experience (CX). To excel in omnichannel CX in 2024, businesses must invest in integrating CX platforms, and leverage data analytics to gain insights into customer behaviour, preferences, and pain points. AI and Machine Learning can deliver personalised experiences across channels, making customers feel understood and valued.
The audience has shifted from seeking assistance and guidance to looking for advice and recommendations that work best for them. Bridging this gap between personal connections and digital connections will ensure continued consumer engagement. Predictive AI can help businesses anticipate when and where customers may require human assistance in a customer journey that is becoming increasingly non-linear.
To conclude, customers won't be tolerating a disjointed experience anymore. Instead, your audience expects a seamless journey navigating multiple touchpoints where the digital and physical worlds merge. A well-designed predictive AI layer can be used to determine when and where human interaction can be used to impact conversion rates and reduce friction. Remember that the modern competition is not just with a brand’s competitors, but also with the customers’ last best experience.
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