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Data is the new currency.
Here's how it's playing out today.
User data in.
Some of the most popular industries have taken notice.
Health and Fitness
Accelerometers, altimeters, pedometers - between activity trackers and phones, we're able to track mileage, overall physical activity, calories burned, and in some cases, heart rate and quality of sleep. As sensors get smaller and measurements become more accurate and reliable, real-time, personalized care will become an achievable reality.
Retail
Mobility
GPS's offer a 5m accuracy range, providing fairly precise positioning outside. But efforts are underway to bring WiFi-based indoor positioning to marketing within the next five years, enabling personalization on an entirely
new scaled within closed spaces such as airports or malls.
Banking
Spending data analytics successfully laid the groundwork for a unique perspective on individual purchasing behavior. Now it's driving key experiences in personal banking - from long-term, goal-centric financial planning that
is based on a customer's current financial state to everyday maintenance.
Certain industries seem to be making advances in personalization, but what's the (real) story in numbers?
Brands aren't meeting consumer expectations.
39% of brands do not
have any meaningful personalization
capabilities online.
Just 4% of brands
enable consumers to
customize their online
digital experience.
71% of brands only
offer generic marketing messages to their
customers, falling short of contextual expectations.
Most brands do not meet consumer expectations when it comes to cross-channel personalization or self-service customization.
One thing is clear - more customers want a personalized experience. In order to deliver, there are three things that brands need to consider.
Customer Control
With debates around privacy and net neutrality in the public realm, customers are increasingly aware and willing to engage with and fight for better privacy controls.
New Interfaces
60% of smartphone users who
use voice search have begun
using it within the past year
41% of smartphone users having
only begun to use voice search
in the past six months
New interfaces are being
adopted quickly.
Personalized results and recommendations
will need a whole new cognitive system to
adapt to these new interfaces.
From Phenotype to Individual
Personalization will not be about cross selling or upselling. It will be about knowing what the customer wants and when. Personalization will need to be 1:1, real-time and contextual to create experiences that tap into customers'
wants at the right moment.
Growing customer demands for more individualized experiences alongside technologies like voice and VR hold tremendous opportunities for personalization.
This is just the beginning.
Are you ready to get personal?
Mobility
GPS's offer a 5m accuracy range, providing fairly precise positioning outside. But efforts are underway to bring WiFi-based indoor positioning to marketing within the next five years, enabling personalization on an entirely new scaled within closed spaces such as airports or malls.
Banking
Spending data analytics successfully laid the groundwork for a unique perspective on individual purchasing behavior. Now it's driving key experiences in personal banking - from long-term, goal-centric financial planning that is based on a customer's current financial state to everyday maintenance.
Certain industries seem to be making advances in personalization, but what's the (real) story in numbers?
Brands aren't meeting consumer expectations.
39% of brands do not
have any meaningful personalization
capabilities online.
Just 4% of brands
enable consumers to
customize their online
digital experience.
71% of brands only
offer generic marketing messages to their
customers, falling short of contextual expectations.
Most brands do not meet consumer expectations when it comes to cross-channel personalization or self-service customization.
One thing is clear - more customers want a personalized experience. In order to deliver, there are three things that brands need to consider.
Customer Control
With debates around privacy and net neutrality in the public realm, customers are increasingly aware and willing to engage with and fight for better privacy controls.
New Interfaces
60% of smartphone users who
use voice search have begun
using it within the past year
41% of smartphone users having
only begun to use voice search
in the past six months
New interfaces are being
adopted quickly.
Personalized results and recommendations
will need a whole new cognitive system to
adapt to these new interfaces.
From Phenotype to Individual
Personalization will not be about cross selling or upselling. It will be about knowing what the customer wants and when. Personalization will need to be 1:1, real-time and contextual to create experiences that tap into customers' wants at the right moment.