Why personalisation is the key to boost marketing for individuals, corporate, and small businesses
February 21, 2021 10:42 AM
Personalisation induces several emotions including a sense of identity, pride, thoughtfulness, and joy amongst your customers
The perceived value of the personalised product also increases owing to its exclusivity
By Bharath Sastry
2020 was unlike any other year that humanity had seen in the recent past. The COVID-19 pandemic forced billions of people to stay inside their homes as strict lockdowns came into force. It was natural for this market development to cause economic drag as well. According to the World Bank estimates, the global GDP plunged by as much as 4.3% in 2020.
In a nutshell, last year, the market tested the mettle of even the finest of professionals – and continues to do so at present. It has become all the more important to raise the brand value of your business in the current landscape. But how can you do it? Perhaps, a bit of personalisation can help.
What is personalisation?
Personalisation as the name suggests is when there is a ‘personal’ modification to a product or service based on a particular customer or a larger group. There are two broad ways of personalisation.
Firstly, you can personalise based on your understanding of a customer(s). Such personalisations could be explicit or subtle such as changing your platform’s color palette or localisation of food items – like McDonald’s McSpicy Paneer – is a form of such personalisation.
Secondly, you can enable customers to personalise the offering themselves based on their preferences. For instance, the ability to easily create your own design on a physical or digital product like the service Vistaprint offers.
Customers prefer personalisations because such initiatives make products and services more relevant and personal for them. The demand for personalisation has skyrocketed as more people favor personalised offerings against their non-personalised counterparts.
Here are some other advantages of personalisation:
Customers are integral to the success of any business. And customers will be drawn to something that they feel connected to. Personalisation helps you build this connection with your customers. It induces several emotions including a sense of identity, pride, thoughtfulness, and joy amongst your customers. Therefore, brands stand to gain when they establish such emotional connections with their customers.
For example, Coca-Cola did something similar when it printed 800 first names on its cans. People see their name as a sense of identity. Building on it, the company drove improved sales as a result. Now, ask yourself a simple question, “What made the sales tick?” Was it the change in taste of the drink? Was it the price change? No, it was the human touch driven by personalisation. The only change was that the offering became more customer-focused than it was product-focused, and it is often all that matters.
By allowing your customers to personalise the products, you are actually unlocking a treasure trove of information – something that can help you better serve your customers. You can not only understand the preferences of a customer, but also become abreast with the latest trends on the ground. These trends can help you introduce a new offering or remodel your existing product lineup.
Customer loyalty has wide-ranging benefits and can even turn your customers into brand evangelists later. What could be a better way to build customer loyalty than by allowing them to design their own products? Such measures can greatly improve your customer retention.
For non-customised products, there could be tons of market offerings similar to what you offer. However, the moment you personalise the same, it instantly becomes classy, unique, and stands out. In addition to this, the perceived value of the personalised product also increases owing to its exclusivity. You can prepare for the future better with personalisation by making it your market differentiator.
Do you know that tailor-made products comprise over $20.4 billion industry? Yes. And the figure is expected to become $31.6 billion in a few years from now. Premiumisation is a growing trend in India and is something that traverses across both the personal and corporate gifting space. People rarely offer greeting cards or plain chocolates to the ones they care about these days. They gift them canvas prints or personalised apparel instead. The ability to do so with the touch-of-a-button experience has only added to the trend. You can position yourself better in this rising industry by making your move sooner than later.
In conclusion, personalisation gives an edge to your business strategy within the market by driving customer engagement and can build a strong customer franchise.