Personalization Through Digital: The Next Wave in High Tech

The top three digital transformation goals of organizations are to become more agile and customer-centric (52%), build a mobile enterprise (51%), and deliver great employee experiences (42%), as per a study by Infosys ‘Manufacturing and High tech: Human amplification in the enterprise’.

When migrating to digital, brands need to form customer-centricity the basis of their strategy. Businesses that pay attention to customers’ needs and interaction history are more likely to have a loyal customer base than those who don’t give utmost importance to their customers.

High Tech Industry Today

The High Tech industry is characterized by digital disruption, globally deployed value chains, and continuous service innovation. It is seeing a constant growth in terms of reach and production abilities. APAC and BRICS nation have shown an explosive demand for consumer devices in the last decade. The situation of COVID-19 has fueled the growth of this industry as a result of change in customer preferences from luxury to durable goods for adding safety and convenience in their daily lives.

SMAC Driving Digital Transformation

The industry-wide technological adoption and ecosystem transformation is laying the foundation of personalization in High Tech industry. To translate technological innovations into great value for customers, High Tech marketers need to offer the right products and services to the right people at the right time through the right channel.

To foster digital transformation, High Tech industry has coined the term SMAC, a short for Social Media, Mobile, Analytics and Cloud. As the acronym suggests, these are inter-connected technologies and when integrated, they drive personalization:

• Social Media:
  It’s the age of social media and there is no denying! Social media has drastically changed the way customers interact with brands. Social listening enables brands to know how customers feel about their products and how their competition is performing. With constant feedback, brands can personalize conversations by remarketing content and providing targeted advertising. This makes happy customers the brand ambassadors on social networks.
• Mobile:
  Mobile technology has become an indispensable part of everybody’s life which creates huge amount of data every single minute. High Tech marketers can get access to customers anytime from anywhere, all thanks to this piece of technology! This helps High Tech markets understand their customers better and offer them targeted advertising which boosts personalization efforts by 10 times.
• Analytics:
  In age of digitization, data is ubiquitous and to bring about a change in the High Tech industry, marketers need to figure out ways to turn this data into actionable insights to deliver relevant customer experience in this compartmentalized economy. Data-driven decisions help businesses to get granular level insights and fine tune their strategies at all stages of the buyer’s journey. Analytics is a great tool for businesses to understand the needs of their customers and drive product innovation.
• Cloud Computing:
  To make the best use of large volumes of data being produced daily by the High Tech industry, businesses are planning to make use of cloud. This technology comes with the promise to improve mobility, agility and scalability, all of which have a significant role in the success of modern-day enterprises. A very major role of cloud computing in delivering personalized customer experience is creating a single platform for all customer data to offer 360 degree view of customers to offer them data-driven experiences.

 

Emerging Technologies Fueling Personalization

Personalization is all about understanding what the customers what and offering them the same at the right time through the right channel. And technology has immense power to fulfil customer expectations. Now that we are entering into the age of AI and ML, here’s how technology can enable High Tech marketers to offer personalization at a more individualized level rather than segments:

• Artificial Intelligence:
  AI-powered personalization is a gateway to have returning customers. With every interaction, customers provide enormous data with which brands can understand their audience better. AI pays close attention to micro elements such as chatbot conversations, sentiment analysis, email subject lines without human intervention and makes suggestive changes to make personalization more rewarding. Algorithm-driven design tools enable automatic customization of experiences which are more likely to convert.
  
  Leading companies, such as Amazon & LG are utilizing data to offer meaningful experiences to their customers while meeting their business goals-
  
  • Amazon recommends products to customers on the basis of their purchase history and offers them automated delivery based on their purchase frequency.
  • LG is successfully using azure machine learning to enable predictive maintenance in its smart factories, identify defect possibilities and, cutting operational costs and avoiding system delays.


• Internet of Things (IoT):
  IoT-meets-personalization world bridges the gap between businesses and customers. IoT forms the basis for personalization as it collects customer data which is then leveraged to create experiences that customers are looking for.
  
  Formerly, companies collected data from customers’ feedback, surveys, reviews and complaints to get insights into their needs and behaviors. But, now with IoT devices, businesses are in a position to collect real-time data about customers by going beyond the data provided by CRMs.
  
  High Tech giants such as Google and Amazon have made their way into the daily lives of people with location tracker, voice assistance, home controls and integration of buying preferences, all enabling them to collect real-time customer data for personalization. This change is strong enough to engage the customers, make them feel belonged and fulfil their unspoken needs.

Investment in Personalization Remains Crucial for High Tech

“89% of digital businesses are investing in personalization”, as per Forrester. This value underscores the growing importance of personalization in bringing about a digital transformation in the High Tech industry.

The best investment for High Tech marketers today is certainly in personalization and the technology that enables it. Personalization has the capability to increase company revenues by simply offering what customers expect. For every $1 spent on personalization, the right technology can offer $20 return.

The right amalgamation of personalization strategies and technology has the potential to create loyal customers in today’s compartmentalized world.

If this doesn’t feed your curiosity and you wish to learn more about personalization and its impact on high tech industry, write to us at marketing@altudo.co and we will connect you to our experts with an industry experience of over 10 years in transforming personalization strategy for global businesses.