Research has shown that nearly 70% of B2B customers and over 50% of B2C consumers want companies to better understand their needs. Which is hardly surprising.
However, this is no surprise and the fact of the matter is that the better a brand understands you and your expectations as a customer, the more relevant that brand will be to you – the customer.
The reality is that some level of personalisation must now be implemented as “business as usual” for a brand to survive and further thrive in today’s market.
However, simply thinking that customising touchpoints and interactions across customer journeys (e.g. by segment or persona) – no longer goes far enough in our increasingly omnichannel or real-time environment to make an impact.
This is where hyper-personalisation comes into play!
The team at HOED Research have been looking into hyper-personalisation and found that hyper-personalisation takes personalisation to the next level. By leveraging technology to personalise at a much larger scale while also greatly tailoring individual customer experiences based on the actions that each customer is taking at any given moment.
Personalisation is anything a business can do to develop experiences (e.g. products, services, interactions) to meet and at times exceed customers’ unique and individual requirements. It’s not that complicated.
Traditionally businesses will rely on things like demographic, psychographic, and customer value data. The ultimate goal is to engage with customers as individuals rather than “customer types or segments”. For example, you may include your customer’s name in an email subject line.
Most businesses today deliver a simple level of personalisation, therefore, to differentiate your brand even further, businesses should be looking to hyper-personalisation to ensure that they stay ahead of the game!
How Does Hyper-Personalisation Work?
Going well beyond the norm, hyper-personalisation uses technologies like artificial intelligence (AI), real-time data, machine learning (ML), and predictive analytics to tap into individual customer wants and needs.
It locks in on certain behaviours to reach customers in new and more relevant ways to tailor individualised experiences to and for each customer.
The Technologies Driving Hyper-Personalisation Today:
Some of the most common technologies powering hyper-personalisation include:
- Real-time data: For every digital action we take, a company can “see or track” what we’re doing by immediately gathering and analysing the data surrounding that action. Because this data is constant, it allows businesses to quickly understand what they need to do to best leverage customer needs and behaviours in ways that can immediately improve their experience.
- Artificial intelligence: AI helps to interpret the data and signals that your real-time data is sending. By understanding the limitless number of data points surrounding customer interactions, you can personalise interactions along that customer journey to provide customers with exactly what they’re most likely to want.
- Advanced, predictive analytics: Leveraging the above tools in combination with advanced analytics helps businesses to determine what customers will want in the future by looking at current and historical data patterns, which means that businesses can react/change accordingly.
Personalisation and privacy
Whilst customers enjoy personalised experiences, they also value their privacy. In fact, a recent study by Accenture found that 58% of consumers would switch at least half their spending to a provider that excels in personalising experiences without compromising trust.
So if your business is looking to excel in privacy and personalisation, simply communicating your policies in terms-of-service documents (that are never read) will not cut the mustard!
Doing the right thing – as defined by your customers – makes the difference.
Hyper-Personalisation in the years to come:
The personalisation capabilities that businesses have at their fingertips, prospered through innovation and digitalisation, have revolutionised marketing, sales and services. In many cases, businesses can now build “real” human connections with their customers without real humans.
And it’s only the beginning. Just as personalisation was a game-changer a decade ago, hyper-personalisation will be the game changer today with the technology available.Tomorrow? Who knows but that’s why the only way to get ahead (and stay ahead) of your customers and the market is to always embrace change and be agile to innovation by leveraging technology and data to ensure that you know your customers better than any competitor possibly could.