While still deemed somewhat of a buzzword, personalization is now becoming the norm for marketing and advertising practices. In fact, according to McKinsey and Company, a staggering 71% of consumers now expect personalized interactions, with 76% feeling frustrated when they’re not provided.
In step with human tendencies, once expectations are formed, they only rise. So, personalization isn’t enough anymore. ecosystem.Ai has recognised that personalization based on an individual’s preferences misses a few important facts.
Dynamic approaches for dynamic individuals
While it succeeds at separating an individual from the crowd, personalization based on static models freezes an individual in time, making the assumption that their preferences will remain the same or similar, and that their spending patterns won’t change. Not only will this leave your customers feeling alienated, but the lack of tools to learn about your customers will leave you in the dark about who they really are.
ecosystem.Ai takes a different approach. An individual is not isolated, but part of a vast system that constantly shifts and changes. Subject to societal influences, changes in personal life, and the general growth and change that all human beings undergo, one individual cannot be equated with who they were the previous day or hour.
It is essential, then, that the models you utilize for personalization are as dynamic as the individuals who encounter them. Our Interaction Science and Dynamic Recommender Modules are two examples of capabilities that do just this, using a combination of historical data and real-time behavior to predict the best possible offer for your customer in the moment.
Don’t get too personal
In step with our no-one-size-fits-all policy, our platform allows the flexibility to use models best suited to your environment. Hyperpersonalization is not always appropriate. The platform provides a choice of dynamic models, where exploration and exploitation algorithms can be used to get to know and entice your customers, as well as static models for environments that require greater sensitivity.
Our behavioral intelligence empowers banks to strike the ideal balance in personalization – what we call sentimental equilibrium. This concept, embedded within our behavioral capabilities, captures the point where your efforts and your customers’ emotional expectations align, creating the optimal conditions for a sustainable, mutually rewarding relationship.
Conclusion
It is clear that customer expectations are rising and it is vital that businesses catch up before it’s too late. Leave behind cosmetic personalization and start getting to know your customers.
