- MAP Asia Pacific Ltd
It's for your eyes only: welcome to the world of hyper-personalised marketing
Imagine it’s a rainy day and your food delivery app has sent a push notification to your phone asking if you need hot samosas or dim sums!
You are thrilled, as it is a personalised recommendation based on your ordering history and weather data for your location.
You end up ordering the snack, marvelling at how technology could read your thoughts.
Welcome to the world of hyper-personalisation.
While digital marketing has always brought in some degree of personalisation – like being greeted by name when you open an app or getting movie recommendations on streaming platforms based on what you’ve watched in the past – marketers and brands are going even further these days, armed with vast amounts of data at their disposal.
As advanced data analytics, natural language processing and artificial intelligence provide better ways of targeted communication, digital marketing is set to become more hyper-personalised.
“In India, the lack of data has always been an issue when it comes to personalisation,” said Varun Agarwal, principal at technology forecaster Gartner, Inc.
The Covid-19 pandemic, however, changed that as a large segment of buyers turned to online shopping.
According to management consultant McKinsey, 71% of consumers expect companies to deliver personalised interactions, while 76% get frustrated when this doesn’t happen.
Brands that focus on hyper-personalization are driving user conversion rates by as much as 250% compared to generic marketing campaigns, data from Software as a Solution-based customer lifecycle management company CleverTap showed.
“Marketers have been dealing with the problem of a “leaky bucket,” said Abhishek Gupta, chief customer officer, CleverTap.
Gupta said studies had shown that most smartphone apps would lose “as many as 95% of their daily active users within the first 90 days.”
To help retain them, he said, marketers need to prioritize user retention.
Therefore, providing users with personalized content is key. This also helps build brand loyalty and improve conversion (order completion) rates, Gupta added.
When direct-to-consumer (D2C) brand Beco was looking at ways to improve customer engagement and increase sales, it changed its marketing strategy.
Read More at https://economictimes.indiatimes.com/tech/technology/its-business-and-personal/articleshow/95035112.cms