Customer experiences will prove the primary differentiator for businesses in 2022 and present the fastest route to resilience. As more companies adopt digital acceleration, the volume of available customer data for real-time capture and use increases exponentially—leading to a greater understanding of customer preferences and habits.
With a greater understanding of your customers, you can give them not only what they really want but what they didn’t even know they wanted: real-time, personalized offers.
Typical Business Challenges
Many industries face similar challenges when it comes to understanding, managing, and analyzing customers and their data:
- Industry Disruption: Digitally-agile competitors and new entrants continue to shift market expectations in leading industries.
- Legacy Brand Association: Customers expect speedy responses and consistent experiences across channels and business lines. Poor response times and inconsistencies negatively impact net promoter scores (NPS) and thus retention rates.
- Relying on Old Information: Delivering a service that is both personalized and contextualized for a potential customer’s current circumstances relies on comprehensive information updated in real time. Companies may lack the ability to access the data they need.
The Benefits of Hyper-Personalization
Hyper-personalization strategies offer business-changing solutions, including, but not limited to:
- Improved Customer Acquisition: Personalization moves you away from commoditized policies based on broad market segments toward offers and marketing messages directly relevant to your potential customers.
- Increased Brand Loyalty: Personalization creates more brand loyalty and less customer churn.
- Profitable Customer Targeting: The data that drives personalization also helps identify and market to those customers who are likely to be most profitable.
- Scalable Digital Business: With increasing digital traffic, AI-powered and event-based IT architectures reduce costs, increase revenue, and drive customer satisfaction in real time.
For example, Sara Assicurazioni built a multi-cloud enterprise application solution that connects all its data, reimagining the way the company develops and delivers insurance. Thanks to newfound flexibility and scalability, it introduced a new level of innovation and changed what it means to provide insurance, shifting from broad, all-in-one policies to highly-personalized products based on customer habits, behaviors, and preferences. And with greater availability and mobility, it’s bringing digitally fueled products to market faster than ever before. Sara Assicurazioni transformed from a 70-year-old traditional insurance company into a head-turning, digitally-driven leader in Italy’s insurance landscape.
How You Can Achieve Hyper-Personalization
The digital customer experience requires a host of new technology, services, and models—all interacting with clean governed data, systems, and services. It requires new and faster delivery models to engage customers with contextual relevance, offers, and opportunity discovery.
The TIBCO Connected Intelligence Platform enables the transformation you need to use real-time, data-driven insights to drive hyper-personalized customer experiences, delivering improved customer loyalty and market growth.
Check out this banking whitepaper, this retail whitepaper, or this insurance whitepaper to discover how you can overcome key challenges and drive hyper-personalized customer experiences in your industry.