So you are a personalization expert – congratulations! You are now on the fast track to become a Chief-X-Officer.
That X can be Marketing (CMO), Merchandising (CM’O), Customer (CCO), Experience (CE’O) or Digital (CDO), and ultimately, become the Executive (CEO).
Here’s why personalization is putting all these titles on a convergent path, and you can choose any path as long as it has personalization in it.
A quick story.
About two decades ago, a relatively small ecommerce company focused on selling books introduced a new feature that allowed customers to see what others had liked and purchased, called collaborative filtering, for product recommendations. This feature became popular with the business guys as the “wisdom of crowds” and very soon, every retailer on the planet was scrambling to implement it.
Listen to Soon Yu, the keynote speaker at the Richrelevance Personalization Summit, speak about how creation of iconic brands is the only way to compete and win in today’s retail market.
San Francisco & London 9th July 2019 – RichRelevance, the global leader in experience personalization and the first to deliver on hyper-personalization, has been named a ‘Leader’ in this year’s Gartner Magic Quadrant for Personalization Engines.
Love the first half of the year. It’s the time I get to speak our customers on their initiatives to grow their digital revenues via experience personalization. If there’s one thing that’s different than last year, it’s the shift in the key challenges as personalization moves from helping shoppers BUY, to helping them SHOP!
Initially due to logistical reasons, as well as consumer proximity to physical stores, groceries were not a natural fit for digital buying. However, many consumers find the convenience of online ordering, payment and delivery options, preferable to shopping in physical stores.
Segmentation is a fairly age-old approach to personalize marketing campaigns. Segmentation basically is grouping individuals into ‘buckets, called segments based on pre-determined interests, geography and/or demographics. For example, in grocery, a segment might be defined as “People over 50 who typically spend £50 a week in-store” or “Families with children under 5,” etc. Segmentation used to help marketers cope with the abundance of data and plethora of consumers, and allow them to “personalize” experiences at scale. The one problem with this is segmentation is never a truly personal experience.
It was just two years ago in 2016, that headlines everywhere were talking about the demise of retail, but this year at the annual National Retail Federation 2019: Retail Big Show, which opened on Sunday, January 13th, NRF Chairman Christopher Baldwin, chairman, president and CEO of BJ’s Wholesale Club stating what we all know to be the more accurate truth, “retail never went away”, and that today the “industry is more healthy, vibrant, innovative and exciting than ever.”