Over the last few decades, the world has changed a lot. It has evolved a lot with time. And just like every other aspect, the marketing world is also a field that has evolved and changed over time. Whether we talk about the needs and wants of the consumers, the tools available for the brands to experiment with, the expectations that consumers tend to have with the brands, all of these have evolved with time. One thing that consumers have been wanting more and more is personalization. Consumers no longer want to be seen as a part of a crowd. They want to be treated in a personalized manner. So why is the concept of personalization so important in today’s market? Let’s discuss that in detail.
Expectations have evolved
One of the primary reasons personalization has become more and more important is that the consumers have evolved. As we had discussed before, with time and more tools, the expectations consumers have from brands have evolved. Consumers want to be treated like there are special to the brand. Otherwise, they will be targeted by the brand with almost an identical message on all available platforms. Hence, brands need to change as the consumers have to.
In a market with little to no product differentiation left, along with a new brand coming in every other day, brands need to find new and exciting ways to compete with their competitors. Brands nowadays have to fight for the attention of the consumer. Consumers are bombarded with ads, campaigns, and brand names. Standing out in the eyes of the consumer is a tough task nowadays. One way through which brands can do that is by personalization. When consumers see a personalized approach and intervention, it is more likely to grab their attention. They are more likely to remember the brand.
Increase in sales
This one is another one of the important reasons why personalization is so important today. Researches and reports over the years have shown how personalization has led to an increase in sales and revenue. At the end of the day, the consumers can often make or break a brand. If a consumer is satisfied and content with the brand’s service, they are more likely to suggest it to others too. This will eventually lead to higher sales and better overall performance of the brand.
Customer retention, as the term suggests, is about whether or not a brand is able to retain its consumers for long. If a consumer has had a good and satisfying experience with the brand, they are more likely to want to stay, and will again even suggest the brand to others. Thus, personalization can help the brand to retain more of their consumers for longer and have a higher number of loyal consumers too.
Personalization is hence, a great tool in The market today that can help the brand to stand out amongst the competitors. It can help the brand to establish its own unique identity, while also serving the needs and wants of the consumers well. Brand loyalty is also likely to go up if personalization is added to the mix.