Companies around the world have to deal with a rapidly changing business environment that’s tougher and more complex than ever before.
The ongoing recovery from the 2008 financial crisis is household news, but companies are also having to face geopolitical uncertainty, the blazingly fast pace of new technology, and growing competition from “disrupters” like Uber, Airbnb, Amazon and many others.
Added into the mix is the fact that consumers are more demanding than ever before, their attention span is diminishing and earning customer loyalty is harder than ever.
Significant challenges for online businesses
Consumers expect the brands they interact with online to provide an immediate, easy, individual service, tailored to their needs and interests, wherever they are, 24 hours a day – or they will simply choose an alternative provider. Sound like a tall order to fill? That’s because it is.
So how do companies deal with some of these challenges? They may not be able to do much about the global economy, or the rise of new technology, but they can be better than their competitors at earning the loyalty of their customers. How? The answer is personalization.
Tom Wilde will chair the Content & Personalization Track (Track D) on March 1st at eTail West 2017. Visit us in booth 417 or click below to schedule a meeting.
Big data is your best friend
By using and analyzing big data effectively, brands from banking to fashion, media to automotive, can really begin to understand their customers, their interests and how they behave online.
Technology can help businesses know their customers better, to know what they want, when they want it and where – across desktops, mobiles and tablets. And just as importantly, it helps them anticipate what their customers will want next.
Personalization helps to build stronger relationships with new and existing customers by delivering relevant content and offers in the right context at the right time. It turns websites into compelling customer experiences that convert fly-by website visitors into repeat customers. And perhaps more importantly, it turns customers into fans of your brand.
- Companies are under intense pressure due to economic and geopolitical uncertainty, increased competition, the rapidly changing pace of technology and changing consumer attitudes.
- Consumer attention is diminishing and loyalty is quickly becoming a thing of the past as consumers skip frequently between brands.
- Using data effectively is the key to understanding what consumers want, where and when.
- By getting a better understanding of consumers, companies can then use online personalization to connect with them in new and meaningful ways.
- Providing highly tailored, relevant content companies can turn fly-by visitors into consumers who return for more.
- Companies can then up-sell and cross-sell other products and services to these consumers and turn them into fans of their brand.