Thanks to Big Data & AI companies can communicate with the masses in a personalized manner
In an article posted on Yourstory.com, author Titir Pal states that ”the formula to acquire customers in today’s hyper-connected online and offline communication ecosystem can be summarised through the following phrase: “right audience, right channel, right time.” We couldn’t agree more.
Marketing has changed significantly in the last two decades. Where it used to be characterized by the use of mass media and mass mailings to convince the general public of the advantages of a product, today more and more individual customers are at the center of consideration. Understanding the consumer, his behavior and his needs – the so called 360 ° view of the customer – is the basis of deciding which product and service he will be offered via which of the more and more available channels on which terms. The more precise the segmentation of consumers and the prognosis of their behavior, the higher are the contact and response rates and thus ultimately the graduation rates and sales. And, just as importantly, the satisfaction and loyalty increases due to lesser “dissonance” by “wrong” customer approach. The focused and successful use of budgets and resources makes marketing a key driver for increasing profitability.
So, why do we claim that personalization in marketing and advertising is A MUST? If you took a look at any online marketing campaign, you know that the ratio between views and clicks is usually less than 1%, many times only around 0.1%. This means that only 1 person out of a thousand clicked on the ad – and the other 999 were pestered for nothing! People shouldn’t see ads that are not even intended for them.
Personalization is the future of marketing
Back to Titir Pal’s article; he explains that personalised marketing is the approach of communicating the different value of the same product or service to various consumer segments, be it students, working professionals, millennials, middle-aged consumers, digital or offline consumers, etc. Because of the different audiences, also the communication channels vary and, lastly, the message must be adjusted so that it appeals to the individual consumer.
Fact is, people have never bought so many things as we do today and there have never been as many things for sale as there are today. Competition is massive in all fields and marketers are trying hard to get that last piece of our attention span that is still available. For us web users this simply means A LOT of ads, mostly irrelevant junk. But a solution has been evolving since search engines and social media have found out how valuable big amounts of trivial data can be, if only one has the tools to cumpute it.
In the same way that Netflix is able to use its huge amount of user data to create more personalized recommendations to its users, marketers will soon be able to gain a greater understanding of what people are actually doing on their websites. It makes personalization easier than ever before, and we all know how important personalization is if we want to build genuine connections with our customers.
BehaviourExchange uses big data analytics in a sophisticated system to create profiles of websites’ visitors and adjust the content of the sites in real-time. Check out the official website!
It might all sound very simple but in reality it places high demands on the performance of IT systems and the quality of data analysis. Despite technological and organizational progress, the challenges have not diminished. The Internet and the mobile devices are massively changing the consumer market as well as the systems and processes of all companies. Social media is giving new impetus to the shift in power from producer to consumer, which has been observable for some time, and is even finally reversing the relationship.
Customers make completely new demands on the products and services of a company. But they also expect intelligent, timely communication that suits their own needs. That is why innovations such as BehaviourExchange are not just neat bussines ideas that will make their creators and stakeholders a lot of money: they are a necessity for a better, more efficient Internet of tomorrow.
How does BehaviourExchange work?
BehaviourExchange is an intelligent system that identifies each online visitor by their demographic characteristics and interests. The system is able to recognize visitors the exact moment they enter a website, which enables it to provide a personalized experience to each customer and show them content that suits their age, gender, education, interests and other characteristics. How does it work? Check out the video:
The BehaviourExchange platform uses sophisticated AI-based software to analyze Big Data, create user profiles and adjust the content of any website according to the predicted interests, wishes and needs of a visitor in real time. User data is securely stored in a blockchain network and transactions are carried out using a dedicated utility token called BEX.