The Rise of Hyper-Personalized Marketing | The Hype Economy
Recent marketing trends have seen the rise of customer servicing beyond the established norm of ‘the customer is king.’ Is this even possible? How does one go beyond royalty? Being treated as super-royalty, perhaps…
But that is exactly how important the customer is in today’s competitive marketplace and this also subtly points out the challenges of attracting and retaining customer attention these days.
This is what has led to the hyper-personalization of marketing, and indeed, it is that golden stratagem that keeps the brand wheels turning.
It’s what consumers want
Although some might be wary of anything that is preceded by the term ‘hyper’ according to asana.com 90% of customers say they like the added benefits of personalized marketing. The appeal lies in the trends that are dominating the world right now, from touch screens to social media and online marketing.
So, whilst one may think that the trend of hyper-personalization can be stifling to the consumer, it seems that the opposite is true.
AI or Artificial Intelligence has helped a great deal with the personalization aspect of marketing, using algorithms to decipher which consumers appreciate which type of products and when.
How does hyper-personalization differ from personalization?
In the past, personalization in marketing meant that a piece of promotional material may include the customer’s name and that the product will be marketed to them at their home. Now this type of marketing has been taken to the next level.
In hyper-personalization, the browsing history and online purchase history of customers are taken into account. So while personalization will see companies marketing a product that a particular customer might need as they have purchased it before, hyper-personalization will see the company stepping up these promotions based on data such as when the customer last purchased that particular product, what payment method they used and their social media behavior, among others.
In short, hyper-personalization means taking personalization to the next level by showing the customer that their patronization of your product is important to you.
Getting it done
The very first step in this process could logically be to collect as much data as you can so that you know how and when to push your brand to the customer. Know your customers’ habits, their behaviors, interests, etc., so that promoting your brand can happen like clockwork.
Then, you may also want to invest in some software that enables greater personalization. This will foster messaging that will reach your customers with the information they need, such as real-time pricing and products that they were already shopping for online.
And of course, go in via multichannel methods. This means approaching your target audience via social media, WhatsApp, emails, and so on so that they receive your message loud and clear.
However, before any of this, testing the waters is important. Consistent testing throughout the marketing process will keep it more up-to-date and relevant. Make sure to measure the results of your campaigns that have been coasting on personalization. Know what type of content and what type of channels work best and mix and match according to the trends of the time.
The importance of it all
Relationships. Marketing today is all about building relationships and reducing customer turnover. Hyper-personalization sets the foundation to build a strong relationship with one’s customers so that they trust your brand and keep coming back for more.
Furthermore, building relationships of value is made possible as your personalized efforts make the relationship more authentic. It paves the way for customization and personalized pricing, which customers will no doubt appreciate.
Logically, this will also reduce marketing costs in the long run because your promotions are focused on the right target audience—the people who will actually purchase your product and not on hypothetical conversions that are unlikely to ever happen.
It is also a given that you need to spend money to make money, so expect some additional costs at the beginning as you make investments in the right technology such as AI to facilitate the obtaining of any data you need. Later, the return on investment will make these costs worthwhile.
In the long run…
Today’s marketing efforts are all about getting ahead of the rest. People find mass marketing stifling and boring. Every time we turn on the TV or open a magazine, there it is—some sort of advertisement that takes a one-size-fits-all approach. Hyper-personalization cuts through the noise and makes your promotion highly relevant.
Keep in mind, though, that hyper-personalization should not appear as though you are stalking your customers or bombarding them with promotions at every turn. Your brand’s interactions with them should be timely, not overstimulated. Pull back the promotions when necessary and try to remain flexible to change your approach if you feel it is the right thing to do.