Introduction to Personalization Marketing
At Oak Spring University , we define Personalization Marketing as a data driven that enables companies such as Electric Car Company to make informed decisions regarding current and future behaviour of targeted consumers. Personalization Marketing model is built upon how Electric Car Company 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 Electric Car Company needs to not only cater to the promotional strategies targeting specific needs of the customers in the Auto & Truck Manufacturers 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 Electric Car Company 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 Auto & Truck Manufacturers industry.
To build a predictive personalization marketing at scale, Electric Car Company needs three things in the Auto & Truck Manufacturers 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 Electric Car Company 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 Electric Car Company 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 Auto & Truck Manufacturers industry, Electric Car Company 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. Electric Car Company needs to clearly define the customer values it wants to target in the Auto & Truck Manufacturers 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 Electric Car Company products compare to four member household or large corporate buyer, but share of overall basket may be significantly different thus making Electric Car Company products more critical to smaller players.
Predictive personalization marketing efforts at Electric Car Company in Auto & Truck Manufacturers won't be effective unless managers at Electric Car Company understand - what is the purpose of personalization marketing messeage, what Electric Car Company want to say and what relationship it wants to have with its customers in Auto & Truck Manufacturers industry.
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