Introduction to Personalization Marketing
At Oak Spring University , we define Personalization Marketing as a data driven that enables companies such as Chemung to make informed decisions regarding current and future behaviour of targeted consumers. Personalization Marketing model is built upon how Chemung customers are behaving at present and how their customer journey can be tailored to provided them an highly immersive and beneficial experience.
Personalization Marketing at Chemung needs to not only cater to the promotional strategies targeting specific needs of the customers in the Regional Banks industry but also to steward overall customer behaviour towards a more holistic customer experience.
According to 2022, Cheetah Digital survey 74% of consumers want brands to treat them as an individual and 71% of the customers want to build a relationship with the brand that they buy regularly.
True Predictive Personalization Marketing goes further than just sales driving coupons or other promotion strategies. Predictive Personalization Marketing can help Chemung to create more enriching brand experience, more convenient product purchase experience, more accessible post purchase experience that can drive higher customer satisfaction and loyalty among the customers in the Regional Banks industry.
To build a predictive personalization marketing at scale, Chemung needs three things in the Regional Banks industry – Build a rich database that can provide long loop customer data, use appropriate statistical and machine learning models to derive deep insights, and a operational system that can act on the personalization finding and deliver a rich customer experience.
Predictive Personalization Marketing can help in –
Predictive Personalization Marketing can help Chemung to make product purchase easier, maximise the effectiveness of its promotions and advertising efforts, and improve price perception.
Building a balance between the analytics and Chemung competitive strategy is the key to efficient and effective personalization marketing strategy. Often only numbers driven approach can lead to highly optimal solutions that can deliver high revenue in short term but compromise the customer overall experience. This can result into long term sales stagnation. In Regional Banks industry, Chemung needs to build a personalization marketing strategy that can build on each customer interaction in a meaningful way with a view to drive customer loyalty.
Prioritizing customer value is a key to differentiation. Chemung needs to clearly define the customer values it wants to target in the Regional Banks industry. For example very often high spending customers are viewed as loyal customers. But this can mean different thing in different context. A single member household or small business buyer may spend less on Chemung products compare to four member household or large corporate buyer, but share of overall basket may be significantly different thus making Chemung products more critical to smaller players.
Predictive personalization marketing efforts at Chemung in Regional Banks won't be effective unless managers at Chemung understand - what is the purpose of personalization marketing messeage, what Chemung want to say and what relationship it wants to have with its customers in Regional Banks industry.
Feel free to connect with us if you need business research.
You can download Excel Template of Case Study Solution & Analysis of Chemung
Consumer/Non-Cyclical , Food Processing
Services , Real Estate Operations
Energy , Oil Well Services & Equipment
Transportation , Airline
Capital Goods , Construction Services
Consumer/Non-Cyclical , Beverages (Nonalcoholic)
Technology , Semiconductors
Capital Goods , Construction Services
Basic Materials , Gold & Silver
Healthcare , Biotechnology & Drugs
Services , Recreational Activities