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