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They invest in rapid activation capabilities powered by advanced analytics.

They use those insights to define and quantify their personalization objectives and ground their efforts in customer-centric key performance indicators (KPIs). They leverage customer segments and microsegments, and factor in behavioral, transactional, and engagement trends.

Looking across the customer life cycle, leaders build a granular view of where there is the most value.

They lean into data and analytics to identify opportunities.Here are the five things outperformers can do to accelerate personalization and create value: These seven charts show how consumer attitudes around personalization are changing and what outperforming companies are doing to grow customer lifetime value at scale. Players who are leaders in personalization achieve outcomes by tailoring offerings and outreach to the right individual at the right moment with the right experiences. Across US industries, shifting to top-quartile performance in personalization would generate over $1 trillion in value. Roughly 75 percent of consumers tried a new shopping behavior in the last 18 months, and more than 80 percent of those intend to continue with new behaviors.įurthermore, our research found that companies that excel at personalization generate 40 percent more revenue from those activities than average players. With store and product loyalty more elusive, getting it right matters. Personalization is not only a crucial capability, it’s one that punches above its weight, no matter whether the company is a digital native, a brick-and-mortar player, or a behind-the-scenes producer or supplier.Ĭonsumers don’t just want personalization, they demand it. Companies that grow faster drive 40 percent more of their revenue from personalization than their slower-growing counterparts. Personalization drives performance and better customer outcomes.And seventy-six percent get frustrated when this doesn’t happen. Seventy-one percent of consumers expect companies to deliver personalized interactions.Three-quarters of consumers switched to a new store, product, or buying method during the pandemic. Personalization matters more than ever, with COVID-19 and the surge in digital behaviors raising the bar.This article was a collaborative effort by Nidhi Arora, Daniel Ensslen, Lars Fiedler, Wei Wei Liu, Kelsey Robinson, Eli Stein, and Gustavo Schüler.