The So What from BCG cover image

The So What from BCG

Customer Strategy: It’s Personal

Oct 9, 2024
Mark Abraham, a leader at BCG's Marketing, Sales & Pricing practice and co-author of 'Personalized', dives into the critical role of personalization in customer experience. He discusses how blending digital and physical interactions can create unforgettable customer journeys, citing success stories from brands like Four Seasons and Spotify. Mark also explores how traditional industries are adopting these strategies and the transformative power of AI in crafting personalized approaches. He emphasizes the importance of responsible AI use and actionable strategies for businesses embarking on their personalization journey.
21:28

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Quick takeaways

  • Personalization is essential for brands to remain competitive, yet only 15% succeed, leading to wasted resources and disappointed customers.
  • AI and technology are transforming personalization by offering predictive insights, but maintaining a balance with human touch is critical for trust.

Deep dives

The Importance of Personalization in Modern Business

Consumers now expect personalized experiences from brands, making personalization a key competitive differentiator. Only a small percentage of companies, approximately 15%, are successfully implementing this strategy, which leads to wasted resources and unmet customer expectations. The current digital landscape requires brands to leverage AI and technology to better understand customer preferences and quickly respond to them. Understanding and addressing real customer needs, rather than merely using personalization for sales, is crucial for fostering long-term relationships.

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