Personalization
Personalization is an integral component of strategy management to build a people-centric organization.
Personalization is the process of making a company's products and services extraordinarily relevant to the wants, needs, or desires of customers, physically, spiritually, or emotionally.Personalization can be viewed from various perspectives, each highlighting different facets and implications. Here are some key perspectives:
Understanding Customer Needs: This perspective emphasizes the importance of understanding who the customers are, what they buy, and why. Knowing the customer segment, their purchasing behavior, and the factors influencing their decisions is crucial.
Tailored Experiences: Companies are increasingly trying to serve "segments of one," adapting their offerings and communications to individual customers. This is facilitated by consumer marketing, where individual customer characteristics and purchase histories are retained.
Personal Factors: Individual characteristics such as life-cycle stage, occupation, economic circumstances, lifestyle, personality, and self-conception influence consumer buying behavior and are important for personalization.
AI-enabled Personalization: AI technology assists in creating personalized experiences, such as navigation apps that reroute around traffic, smart home devices that automate tasks, and streaming apps that recommend content based on viewing history.
Data-Driven Customization: AI algorithms analyze vast amounts of data to provide personalized care, alert medical caregivers to patterns in health data, and assist in medical procedures.
Ethical Perspective: Many AI tools collect user data, raising concerns about where the data goes and who has access to it, especially when dealing with personal or financial information. AI isn’t always reliable and may suggest outdated, biased, irrelevant, or incorrect information. It is essential to review the results carefully before using them.
Business Perspective: Personalization is a holistic business management effort that starts with a strategic intention to put everything you do to fit customers’ needs, with structural alignment, empathetic design, research, and strategic insights, and improving ideas flowing through conception, design, development, production, and quality assurance to deliver tailored solutions. By focusing on customer needs rather than just products, companies can gain a significant share in the market through personalization.
Competitive Advantage: Personalization is a key element in the business process, involving strategic marketing analysis, marketing-mix planning, marketing implementation, and marketing control. Personalization in education aims to tailor learning experiences to meet individual student needs. Here are some examples:
-Adaptive Learning: Technologies adapt educational materials to a student’s individual needs. Learning analytics based on student data determines how an individual learns best and then adjusts the learning materials accordingly. For instance, if a student learns better through videos, the curriculum incorporates more videos.
-Virtual Reality (VR): VR can immerse students in realistic environments, making learning more interactive and engaging. For example, a student writing a report about an African landscape could use VR to explore a virtual landscape, enhancing their understanding through direct interaction.
-Holographic Technology: Holograms create three-dimensional images of people, places, and objects, offering immersive educational experiences. Students might view global sceneries or watch historical events, at different locations.
Personalization is about getting the product right (intuitive, easy to use, personal taste, etc) to tailor to customers’ needs. Personalization is an integral part of the success of a business, especially for business models centered around influencing customer behavior. Personalization is an integral component of strategy management to build a people-centric organization.
Follow us at: @Pearl_Zhu
