Mass Personalization: Today's Market Requirements and Desires
Martech Outlook | Friday, December 31, 2021
All large corporations are considering mass personalization.
FREMONT, CA: The "one size fits all" idea quickly loses validity in today's highly saturated and competitive industry. Consumers and businesses alike increasingly want products and services with a far higher degree of personalized content and features that directly address their requirements. And, while increased customizability may have been sufficient in the past, it now falls short of what consumers demand.
The solution to this new difficulty may lie in large-scale mass personalization. Unlike customization, which is concerned with the demands of large user cohorts and their unique requirements, personalization is concerned with the needs of a single user. With today's modern technology, gaining an intimate understanding of customers' demands has never been more feasible or financially lucrative.
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The benefits of mass personalization are twofold: businesses can anticipate a substantial increase in client base and revenue, while consumers will enjoy the luxury of "made-to-measure" services and products. The correct name in the greeting of a marketing email is no longer sufficient. Consumers' expectations have risen significantly since then.
Today's consumer expects service providers and manufacturers to go above and beyond by examining and analyzing their purchase history, areas of interest, search queries, preferences, and other traces of their online actions—all in a non-intrusive, low-key manner. They are, nonetheless, amenable to cooperation.
According to a Deloitte survey, up to 20 percent of consumers would be willing to spend an additional 20 percent for individualized services. Even more, they are willing to disclose their personal information voluntarily in exchange for enhanced product and service customization. With highly relevant offers arriving directly in their inboxes or on the websites of their favorite online retailers, consumers will make more informed decisions much faster and with an incomparably better customer experience to boot.
On the supply side, customization in technology holds enormous financial potential for organizations large and small, online and offline.
Implementing mass personalization at scale entails much more than simply adopting and applying a particular personalization technique correctly. It entails the collaboration of marketing and technology teams, the adoption of new management techniques, the transformation of business procedures, and, potentially, the company's reorganization.
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