I recently gave birth to twins and the past nine months of gestation provided great insights given the many factors in place such as repro-immune diseases, comorbidities and even advanced maternal age. This is in stark contrast to my pregnancy 22 years ago when it was as straightforward as it should be. This time was a different experience, with each unique and distinct treatment, and need opening perspectives on the potential of hyper-personalization.
What is hyper-personalization?
Simply put, hyper-personalization is the use of data in order to provide a more seamless and unique customer experience to an individual. The data can come from behavior (when using an app or accessing a website) and this is also where artificial intelligence plays a role. Data can also be gathered through virtual or physical customer profiling.
The recommendations we get when we do online shopping are an example of hyper-personalization — the platform senses and makes use of the patterns we make (products checked out, for example) or our shopping behavior. From a brick-and-mortar perspective, we have experienced situations where retail personnel hand out forms asking for our preferences and interests, with the goal of aligning those with promotions.
What drives hyper-personalization?
Technological advancement and immediate access to information have never been more apparent than now, making individuals all the more empowered and aware of what they want and need. This gives rise to informed choices and individuals, customers, and consumers now prefer specifics rather than just generic requirements.
One example of this is what we see in crowdsourcing. One may require, say, a weekend breakfast buffet that should also have a cheese room, unlimited champagne and seafood. Another may be looking for a new dining destination in Tagaytay that should also be able to serve vegan food or at least options other than a salad. The examples can only become more detailed and specific and companies should be mindful of these.
What are the opportunities?
There are tremendous opportunities available in the hyper-personalization space which requires a micro view of the customer experience. The food segment, for example, is ripe given the many needs of individuals regarding curated/specific/unique food choices. There has been a rise in food providers able to supply lifestyle meals such as renal-, gout- or diabetic-friendly meal plans, to name a few. Future applications are also seen in the hospitality space, and in banking and insurance.
Hyper-personalization is a win-win for both the customer and the company. From the customer standpoint, the product or service provided is tailor-fit to needs. For the company providing such product and services, loyal customers are gained and churn is minimized in the process.
Kay Calpo Lugtu is the chief operating officer of Hungry Workhorse, a digital and culture transformation firm. Her advocacies include food innovation, nation-building and sustainability. The author may be reached at kay.lugtu@hungryworkhorse.com.
Source: https://www.manilatimes.net/2022/10/27/business/top-business/hyper-personalization/1863833