​Let's Get Personal

Customer 360 and the power of hyper-personalization​

​We like what we like – from food to fashion to freebies. So why should our omnichannel and consumer experiences be any different? One-size-fits-all is a thing of the past as we enter the new digital “me" generation. This is hyper-personalization at hyper-speed. Today's consumers expect products an​d services that are contextual to the core and designed for an audience of ​me​, myself and I. No wonder that according to a recent McKinsey research, companies with a strong emphasis on personalization generate 40 percent greater revenue than their competitors. 

The problem is that most products and solutions are built from industry trends and macroeconomic conditions, with the aim of mass consumption and distribution. So how do we change the narrative from we to I, us to me? What does it take to make interactions more informed and personalized based on demographic and firmographic indicators?​

Welcome to Customer 360.


The w​hole is far greater than the sum of its parts

Consumers generate vast amounts of data across diverse channels and touchpoints. But this fragmented data isn't enough to understand what they want and when they want it. To make hyper-personalization a reality, you need to consolidate and analyze customer data to get a complete picture of each individual. That's exactly what Customer 360 delivers. This integrated view helps businesses understand customer needs, preferences and behaviors, helping predict and guide their actions.

But what does that really look like for the ground reality of industry-specific use cases?

In the retail industry, Customer 360 can create a stronger connection between people and brands through personalized product recommendations, targeted marketing campaigns, and seamless omnichannel experiences. Sephora is the perfect example. The French retailer has successfully deployed data and analytics to build long-term customer relationships and consistently top retail personalization charts.

A comprehensive view of the customer can also help banks and financial institutions assess risk, enhance the accuracy of fraud detection, and deliver personalized financial planning. For example, a recommendation for a high-yield savings account would be perfect for a customer who often saves money. At the same time, someone who frequently shops online is the ideal audience for a credit card with cashback rewards.

And it's not just about brand loyalty or business growth. Hyper-personalization can even save lives. Getting deeper insights about a patient can lead to personalized care plans, increase the effectiveness of health monitoring and harness predictive analytics for disease prevention.

It's a similar story across other industry verticals. With Customer 360, enterprises have the power to address needs and expectations at the right time and embark on a journey of delivering greater value than ever before.​


Caution: roadblocks ahead

While getting a 360-degree customer view is essential for hyper-personalization, it has its own dependencies. Data quality and silos are some of the biggest. In fact, over 50% of marketing executives across industries say that data silos get in the way of achieving customer-centricity.

Data privacy is another major concern in the digital age. In another McKinsey survey, 71 percent of respondents said they would not do business with a company that gives away data without their permission. Recent high-profile data breaches have also eroded consumer trust. The importance of data security and customer consent has led to stringent regulations like the California Consumer Privacy Act (CCPA) and Europe's General Data Protection Regulation (GDPR).

When it comes to personalization, the right data is only a part of the puzzle. The desired results mean using technology to transform all that data into useful and actionable insights. From data m​anagement to integration of channels and enterprise systems, there are various technology hurdles for businesses on the road to realizing Customer 360 aspirations. 

To overcome these obstacles, you need the right mix of technology (both existing and emerging, such as generative AI), strategy and a commitment to ethical data practices.​


Shift hyper-personalization into high gear with HARMAN Digital Transformation Solutions

As the race toward hyper-personalization heats up, HARMAN Digital Transformation Solutions  is helping organizations create richer experiences powered by real-time data insights.

 


With advanced analytics and AI/ML capabilities, a thriving innovation ecosystem, ready-to-deploy assets and comprehensive regulatory compliance, we are paving the way for a future where every customer interaction is perceptive, proactive and deeply personal.  ​

Ready to take the next step in you​​​r ​Cu​stomer 360 journey?

Srinivas Varada

Global Practice Leader – Software
mailSrinivas.Varada@harman.com
LinkedIn srinivasvarada