With the rise of MarTech and data-driven customer journeys, now more than ever, consumers have come to expect hyper-personalized experiences from West Coast digital natives such as Facebook, Amazon, Netflix and Google. Consider how 44 percent of customers buy from Amazon’s product recommendations, and Netflix not only predicts what shows you might be interested in watching, it now tailors the film thumbnails based on your affinity towards actresses and actors. Google offers a personalized news page based on what you usually read and shopping recommendations from sites you visit and regularly purchase from. The data harvested on us on a minute-by-minute bases even drives what we see in our social media feeds, sparking a national debate.
Despite these developments, we continue to have far fewer expectations when we interact with banks, telcos, traditional retailers, media & entertainment companies and the like. However, all of that is about to change as we enter the next decade.
Imagine your cell phone carrier sending you the perfect international calling plan offer just as you set foot in an international airport based on your past voice, text, and calling usage and travel behaviors. Just when you start to get frustrated or bored with a video game, you receive the perfect tip to rediscover its joys. Or your bank redesigning the layout and staffing plan perfectly tailored for the patrons at your local branch to reduce wait times and increase satisfaction across all lines of service. Main street enterprises understand the opportunity and are putting the necessary capabilities in place to execute.
An abundance of research now confirms what we all knew intuitively — when companies anticipate our needs and engage in ways that factor in our past interactions, we reward them with more of our business. It’s no surprise that both Gartner and Forrester research lists improving the Customer Experience as a top CMO priority.
Main street enterprises are coming out of the “big data” decade with scars and bruises from various experiments and laisse faire architectures but are stronger for it. Cloud modernization and emerging best practices on digital data management have removed the overwhelming complexity that recently existed, thus ensuring that the fuel required for hyper-personalization is in place.
Turning new sources of digital data into hyper-personalized insights requires machine and deep learning to extract patterns and correlations beyond traditional analytic approaches. AI that was once out of reach is now ubiquitous. Expensive or closely guarded AI software has been replaced with open source AI frameworks. Exotic AI hardware, such as GPUs, that was once only available at universities and Silicon Valley labs are now in the public cloud. A steady stream of automation innovations has begun to bridge the AI skills gap.
Finally, cloud applications are making it significantly easier for Marketers and CX managers to enhance the customer profile, leverage powerful advanced analytics, and seamlessly orchestrate hyper-personalized interactions in real-time across a growing number of customer screens.
Digitization and the resulting customer benefits are soon to be permeating our lives beyond the browser.