Amazon founder Jeff Bezos once described the company’s recommendation engine as “a soulmate”; someone who knows the customer better than they know themselves. This business model - which puts customer insight at its core - has led to Amazon’s monumental success, and in turn to a shift in the whole customer experience landscape.
Today, every consumer expects a business to know them and personalisation has become crucial to the success of a modern brand. Nearly two in three consumers (62%) now expect businesses to provide personalised offers based on their previous purchases, according to Salesforce research. While four-fifths of consumers (80%) are more likely to do business with a brand that offers a personalised experience.
Done correctly, personalisation doesn’t just benefit the customer, it has the potential to accelerate business growth, improve customer retention, reduce costs and increase up-sell and cross-sell opportunities.
However, with customer expectations constantly rising, businesses struggle to keep pace. According to research only 13% of business leaders described their organisation as “truly customer centric” in 2018, which was a 3% decrease from 2014. The results suggest that consumer trends are typically moving faster than businesses can adapt.