PERSONALIZATION & CUSTOMIZATION IN BUSINESS: WHY IT MATTERS

Personalization hits on the concept of tailoring products, services, content and communications to match individual consumer preferences, interests, and past behaviors for a more customized, relevant experience. While traditionally difficult for companies to implement across large customer groups, technology now enables powerful personalization techniques boosting satisfaction and sales.

The essence of personalization lies in acknowledging people’s uniqueness and giving them what they specifically want or need rather than mass standardized offerings. Whether allowing product customizations, individualized marketing messages or self-directed recommendations, businesses essentially give customers control to shape interactions on their terms. The customer feels understood and catered to instead just marketed at with blanket pitches.

Many companies collect customer data on prior transactions, browsing history, stated interests and demographic details to fuel personalization engines. For instance, shopping sites recommend specific items aligned to your taste profile, media services suggest individual shows or articles suited to past selections, and mobile apps learn usage habits to customize feeds. Custom printing/monogramming, financial services and even AI assistants also tailor experiences per user.

Personalization drives revenue growth by making it easier for customers to discover relevant items and play an active role in shaping engagements. Research shows people are more likely to purchase and demonstrate brand loyalty when they feel businesses “get them” through individualized recommendations and communications. Companies also save costs by eliminating scattershot marketing messages that don’t resonate.

Applications span marketing, customer service, user experience design, product development and strategic branding. Tactics span personalized subject lines, targeted cross-sell offers after purchases, customized landing pages by segment, individual print catalogs reflecting buying history, adaptable financial tools per investor type, curated content feeds based on likes/dislikes and integrated usage data to tailor interfaces and smart device interactions.

As technology evolves to track people’s digital footprints, businesses will continue leveraging data responsibly through personalization to deliver exceptional, humanized experiences. The intelligence to customize makes customer relationships feel authentic, valued and built to last.