Introduction to Personalization Marketing
At Oak Spring University , we define Personalization Marketing as a data driven that enables companies such as Columbia Financial to make informed decisions regarding current and future behaviour of targeted consumers. Personalization Marketing model is built upon how Columbia Financial 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 Columbia Financial 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 Columbia Financial 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, Columbia Financial 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 Columbia Financial 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 Columbia Financial 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, Columbia Financial 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. Columbia Financial 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 Columbia Financial products compare to four member household or large corporate buyer, but share of overall basket may be significantly different thus making Columbia Financial products more critical to smaller players.
Predictive personalization marketing efforts at Columbia Financial in Regional Banks won't be effective unless managers at Columbia Financial understand - what is the purpose of personalization marketing messeage, what Columbia Financial want to say and what relationship it wants to have with its customers in Regional Banks industry.
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