A STRANGE TITLE YOU MIGHT THINK FOR AN ARTICLE, BUT IT’LL BECOME CLEAR LATER…
Many households during the last few months have seen an increase in the amount of home baking going on and ours has been no different. The shouts of “Can I do some baking?” have been coming regularly from my kids, and thankfully a local bakery has been able to keep us well supplied with flour, and a local pub has supplied us with yeast.
The fresh bread and cakes have been a welcome addition to the tea breaks, but a recent broken electric whisk has limited some of the recipes unfortunately, and my search for a new one has in in turn led me to write this piece….
BOLSTERING HYPER-PERSONALIZATION
“Make it all about me” is what we expect as consumers. No wonder then that personalization was voted marketing word of the year in 2019. It’s gratifying to note that personalization leaders are driving tangible revenue growth and more efficient marketing spend. However, only 15 percent of CMOs believe that their company is on the right track with personalization.
BOLSTERING HYPER-PERSONALIZATION
“Make it all about me” is what we expect as consumers. No wonder then that personalization was voted marketing word of the year in 2019. It’s gratifying to note that personalization leaders are driving tangible revenue growth and more efficient marketing spend. However, only 15 percent of CMOs believe that their company is on the right track with personalization.
Doubling of online grocery sales. 33% increase in ecommerce. As much as quadrupling of online sales in home entertainment, from streaming services to wine, beer and liquor.
Over the past 8 weeks, RichRelevance has witnessed a spike in traffic that mirrors the holiday shopping week around Thanksgiving. Said another way, it seems that now every day is Black Friday.
But can your real-time personalization provider handle this?
When reviewing the most searched terms for one of our clients, we noticed that the top most-searched term was: hand sanitizer.
No big deal if we were talking about a drugstore or supermarket, but no, we are talking about a FASHION retailer! Talk about a sign of the times we live in… people are desperately looking to overcome the shortage in their local stores with trusted online brands.
They say when life gives you lemons, make some lemonade. So, what do we do when these lemons (searches) are dropped in our lap? We turn them into money-making lemonade!
So you are a personalization expert – congratulations! You are now on the fast track to become a Chief-X-Officer.
That X can be Marketing (CMO), Merchandising (CM’O), Customer (CCO), Experience (CE’O) or Digital (CDO), and ultimately, become the Executive (CEO).
Here’s why personalization is putting all these titles on a convergent path, and you can choose any path as long as it has personalization in it.
While it’s true that I am based in California where cannabis is legal, I will assure you that no substances have been imbibed during the authoring of this seemingly mistimed post.
It’s because most of our retail and brand customers are gearing up for the holiday season right now, in August. And like most of them, the IT cutoff to make any meaningful changes, test, and deploy to production is before September.
A quick story.
About two decades ago, a relatively small ecommerce company focused on selling books introduced a new feature that allowed customers to see what others had liked and purchased, called collaborative filtering, for product recommendations. This feature became popular with the business guys as the “wisdom of crowds” and very soon, every retailer on the planet was scrambling to implement it.