In our work with brands, we have identified three fundamentals that are critical to any personalization at scale initiative: access to reliable customer data, intelligence to use customer data effectively, and activation tools to put it to work. By focusing on these fundamentals, you can accelerate business and customer value, avoid common pitfalls, and and put personalization at scale to work for great customer experiences and strong business results.
The Covid-19 pandemic brought a flood of customers onto digital channels, where customer expectations for personalization are heightened. In addition, competition and the sheer number of options have exploded as businesses shift online, making it harder to retain customers and driving up the cost of acquisition.
This has forced brands to rethink how they grow their business. The reality is, brands get 50% of their business from 10% of customers and 90% of business from 20%. This means they need to figure out how best to retain those top customers and find more like them. And one of the best ways to grow and retain customers is through personalization at scale.