Introduction to Personalization Marketing
At Oak Spring University , we define Personalization Marketing as a data driven that enables companies such as Ming Fai Intl to make informed decisions regarding current and future behaviour of targeted consumers. Personalization Marketing model is built upon how Ming Fai Intl 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 Ming Fai Intl needs to not only cater to the promotional strategies targeting specific needs of the customers in the Personal & Household Prods. 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 Ming Fai Intl 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 Personal & Household Prods. industry.
To build a predictive personalization marketing at scale, Ming Fai Intl needs three things in the Personal & Household Prods. 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 Ming Fai Intl 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 Ming Fai Intl 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 Personal & Household Prods. industry, Ming Fai Intl 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. Ming Fai Intl needs to clearly define the customer values it wants to target in the Personal & Household Prods. 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 Ming Fai Intl products compare to four member household or large corporate buyer, but share of overall basket may be significantly different thus making Ming Fai Intl products more critical to smaller players.
Predictive personalization marketing efforts at Ming Fai Intl in Personal & Household Prods. won't be effective unless managers at Ming Fai Intl understand - what is the purpose of personalization marketing messeage, what Ming Fai Intl want to say and what relationship it wants to have with its customers in Personal & Household Prods. industry.
Feel free to connect with us if you need business research.
You can download Excel Template of Case Study Solution & Analysis of Ming Fai Intl
Services , Real Estate Operations
Capital Goods , Misc. Capital Goods
Consumer/Non-Cyclical , Fish/Livestock
Basic Materials , Misc. Fabricated Products
Financial , Insurance (Life)
Technology , Software & Programming
Basic Materials , Gold & Silver
Technology , Computer Services
Technology , Electronic Instr. & Controls
Financial , Investment Services