As the Industrial Economy (with manufacturing at its core) gave way last century to the Service Economy, companies that are winning in the 21st century have that one thing figured out. They come from all industries – retail, financial services, automotive, transportation, manufacturing, and more – but they all understand that the market disproportionately rewards those focused on staging experiences. Unique, memorable, personal experiences. Every single time. In every manner that customers choose to engage.
Digital business leaders today struggle to provide memorable experiences that differentiate their company in today’s Experience Economy.
Yet, the standard marketing approach (segmentation, email campaigns, website promotions, journey mapping) focuses on outbound, one-way push communication with sporadic personalization in an attempt to engage and re-engage customers. On the other hand, companies who have implemented omnichannel commerce focus on transactional efficiencies and often mistake convenience for an engaging experience. It’s not.
Neither of these approaches provide a real-time, interactive experience that is relevant to the customer. As a result, customers are often left dissatisfied. This leads to an experience gap in the customer journey.
We need a new way of thinking about personalization in 2018, towards individualization from mere segmentation. Towards staging memorable experiences instead of merely selling goods and services.
Download the executive white paper to get a detailed perspective of how the winners in the new experience economy are approaching what we at RichRelevance are calling “Experience Personalization”.