1:1 Personalization is the Key to Achieve Success in the Digital World

Posted by lemnisk on April 2nd, 2019

1:1 Personalization is becoming the “it” word in financial marketing these days. Consumers are using it as a measuring metric to rate brands. If you look at it mathematically, customer loyalty is directly proportional to the level of personalization that they get from their Financial Services providers. 

Is 1:1 Personalization Achievable?

Now that you know the importance of personalization, the next question to ask is “Can you deliver 1:1 personalized experiences to your customers? Do you have the technology that can accomplish this?”

If the answer is yes, it’s great. You just need to come up with the right personalization strategy. If the answer is no, then don’t fret. There are umpteen numbers of digital vendors in the market who can help you in this case.

Here’s an example: John is a regular visitor to a bank’s website. After a few visits, the bank can get some basic details such as his location, the device he’s using to access their site, the number of site visits, and how he came on to the site. If the bank has a system that could assimilate this data and segment and bucket users based on buying propensity of customers such as John, it can deliver personalized messages the next time they are on the website.

The more you know your customer, the better the personalization you can deliver to him/her. In the above example, just by knowing John’s location and age, you can try and pitch in products/services that he might be interested in. Marketers should strive to deliver personalization to customers on a silver platter. They need to not only provide a better service but also streamline the experience across their customer journey.

Designing Omnichannel User Experiences

An omnichannel user experience refers to orchestrating a consistent customer experience across multiple digital channels.

In the above example, John might click on offers related to credit cards through some social media sites like Facebook on his mobile. But he makes a purchase only when he sees the same ad on his desktop computer. Such information is very valuable as the Financial Marketer understands the customer’s psyche and buying propensity perfectly. It also drives home the point of designing omnichannel experiences. John receives a consistent ad experience on both his mobile and desktop. Marketers can use this knowledge to create a non-disruptive, personalized journey that makes it incredibly easy for John to purchase from them.

Independent of the channel type, the best 1:1 omnichannel experiences need to be built on a platform that is channel-agnostic and ensures a unique customer experience, containing the best-personalized content.