No one is immune to getting those periodic emails from websites that you’ve shopped or purchased from. They typically go something like this,
“Hey {name}, How did you like {the item you purchased} on {insert date here}?”
or
“How can we help in finding your next purchase?”
or, you can even expect some that read “you’ve left items in your cart.”
In this new world of technology, you can expect that your first birthday wishes will come from businesses like your tax preparer or your gym. They obviously have my birthdate and email address on file, but they’re definitely not invested in my life enough to actually care about my date of birth more so that my family and friends.
The point is, all companies make an effort to make sure that you know that they “know” you or they “get” you. In an era of unprecedented choice for the customer, it is very important for an organization to differentiate itself from others. Combine this with the ever-shortening attention span, organizations have a very small window of opportunity to make an impression on the customer and get their business.
Personalization vs Hyper-Personalization
The emails I noted above are examples of personalized communication and is a simple first step in engaging with a customer on a human level. Hyper personalization takes this concept to another level by personalizing the entire experience based on the information gleaned from the customer’s product and personal preferences and habits in real-time.
For example, Shopping Cart Abandonment – where the users add items to a shopping cart but abandon the process before completing the purchase – is a major problem for online retailers. In a hyper-personalized experience, you can attempt to anticipate this behavior and offer an inducement in the form of a discount or free shipping to reduce the chances of abandonment.
Another example of hyper-personalized experience can be based on location data. For example, if a user connects to a clothing retailer in the fall from rainy Seattle then it might make sense to show them products like parkas and rain jackets. If the user connects from sunny Miami in the summer, it might make sense to show them products like shorts and bathing suits.
Of course, location is just one factor that goes into the mixer while personalizing the experience. Other demographic factors like age, gender should also be considered.
CMDM
Today, organizations have access to massive amounts of customer data obtained through various channels. Some of this data is historical and some is gathered in real-time.
It is very important that the data obtained through the different channels is combined and cleansed so that all the systems in an organization have timely access to an accurate 360-degree view of the customer. This is where a Customer Master Data Management (CMDM) system comes into the picture. Not only can the CMDM system uniquely identify customers across systems, it can also help identify relationships between customers in terms of them belonging to the same household or other kinds of relationships that help an organization in segmenting customers into groups.
This, combined with other technologies like Big Data, Machine Learning, Artificial Intelligence, can be used to create a strategy around hyper personalized experiences.
Let us take you on this journey
Every journey begins with a step. We at Amplifi have the expertise and experience in CMDM implementations to take you on a journey in realizing the potential of all the Customer Data in your organization.