The rising trend in business in 2023 is the onset of real-time data. It has become the potent elixir that supercharges the personalisation magic in business.
Tools like Google Analytics and Adobe’s Real-Time Analytics are akin to our modern-day crystal balls, providing insights into visitor behaviour and preferences the moment they interact with your digital assets (Adobe).
However, beware of the double-edged sword. While highly targeted advertising can spot customers who are already primed for your services or products, less specific advertising has its merits too. This is something marketing legend David Ogilvy pointed out when he wisely said, “Highly targeted advertising merely finds customers; less well-targeted advertising can actually create customers.”
You see, if you focus only on those who already want what you’re selling, you’re missing out on a sea of would-be customers who just don’t know it yet.
And that brings us to another wizardly paradox—the trouble with market research.
American entrepreneur Howard Moskowitz once commented, “The trouble with market research is that people don’t think what they feel, they don’t say what they think, and they don’t do what they say.” Truer words were never spoken.
Traditional market research, based on surveys or focus groups, can often be misleading because people are complex, unpredictable creatures. So, how does a corporate giant or an aspiring startup wield the power of data personalisation safely and effectively?
Strategic Blend: Mix real-time data with long-term metrics. While real-time data gives you a snapshot, historical data offers a wider lens. A holistic view lets you make informed decisions.
Broaden Your Scope: Don’t fall into the trap of excessive targeting. Keep your advertising broad enough to attract new prospects, and let your real-time data fine-tune the messaging as they move along the customer journey.
Psychographics over Demographics: Step away from traditional demographic targeting and move towards psychographics—people’s behaviours, interests, and attitudes. Real-time analytics tools now offer insights far beyond age and location, diving into browsing behavior and engagement metrics (HubSpot).
Transparent and Ethical Use: Data personalisation should never breach ethical boundaries. Regulations like GDPR and CCPA have made it obligatory to respect user privacy. Always offer transparent options for customers to opt in or out of data collection (GDPR).
Predictive Analysis: Use the magic of machine learning algorithms to predict customer behaviour based on their real-time and historical data. This enables you to meet them halfway, perhaps even before they realise what they need or want.
Continuous Learning and Adaptation: The world changes, and so should your strategies. The “test, analyse, adapt” mantra should be the core of your data personalisation strategy, which would mean frequent visits to your analytics dashboard and A/B testing platforms.
So, dear corporate wizards, let us embark on this journey to master the powerful magic of data personalisation. With the right balance of real-time insights and broader strategies, you’ll not merely find customers but create fervent believers in what you offer.