Content deleted Content added
TheCubicCat (talk | contribs) m Added two missing citations |
added section about difficulties, added citation and internal links, and expanded on technology |
||
Line 43:
Personalized marketing is gaining headway and has become a point of popular interest with the emergence of relevant and supportive technologies like DMP, [[geotargeting]], and various forms of social media. Now, many people believe it is the inevitable baseline for the future of marketing strategy and for future business success in competitive markets.
'''Adapt to technology:''' For personalized marketing to work the way advocates say it will, companies are going to have to adapt to relevant technologies. They will have to get in touch with the new and popular forms of social media, data-gathering platforms, and other technologies that not all current employees and businesses may be familiar with or can afford. Companies that have been able to afford it, have employed [[machine learning]], [[big data]] and [[Artificial intelligence|AI]] that make [[personalization]] automatic.<ref>{{Cite web|date=2020-11-05|title=How to use AI to solve FMCG business problems using a recommendation for a Shopping List as a use case|url=http://civalue.levit.dev/blog/omnichannel-personalization/how-to-use-ai-to-solve-fmcg-business-problems/|access-date=2021-04-26|website=ciValue|language=en-US}}</ref>
'''Restructuring current business models:''' Adopting a new marketing system tailored to the most relevant technologies will take time and resources to implement. Organized planning, communication and restructuring within businesses will be required to successfully implement personalized marketing. Some companies will have to accept that their current business and marketing models will change radically, and probably often. They will have to reconsider the ways customer data and information circulate within the company and possibly beyond. Company databases will be flooded with expansive personal information – individual's geographic location, potential buyers’ past purchases, etc., and there may be complications regarding how that information is gathered, circulated internally and externally, and used to increase profits.<ref>{{cite web|url=http://www.mckinsey.com/industries/high-tech/our-insights/the-internet-of-things|title=The Internet of Things|website=McKinsey & Company|access-date=2016-04-20}}</ref>
'''Legal liabilities:''' To address concerns about sensitive information being gathered and utilized without obvious consumer consent, liabilities and legalities have to be set and enforced. [[Privacy]] is always an issue, in some countries more than others, so companies have to manage any legal hurdles before personalized marketing can be adopted.<ref>{{cite web|url=https://www.forbes.com/sites/adobe/2014/05/12/why-personalization-is-key-to-the-future-of-marketing/#255cf90150d9|title=AdobeVoice: Why Personalization Is Key To The Future Of Marketing|last=Adobe|website=Forbes|access-date=2016-04-20}}</ref> Specifically, the [[European Union|EU]] has passed rigid regulation, known as [[General Data Protection Regulation|GDPR]], that limits what what kind of data marketers can collect on their users, and provide ways in which consumers can suit companies for violation of their privacy. In the US, [[California]] has followed suit and passed the [[Online Privacy Protection Act|CCPA]] in 2018.<ref>{{Cite web|title=How Brands Can Personalize at Scale|url=https://www.gartner.com/en/marketing/insights/daily-insights/how-brands-can-personalize-at-scale|access-date=2021-04-26|website=Gartner|language=en}}</ref>
== Controversies ==
Line 72:
Some commentators (including Peppers and Rogers) use the term "one-to-one marketing" which has been misunderstood by some. Seldom is there just one individual on either side of the transaction. Buyer decision processes often involve several people, as do the marketer's efforts. However, the excellent metaphor refers to the objective of a single message source (store) "to" the single recipient (household), a technological analogy to a "[[mom and pop]]" store on a first-name basis with 10 million customers.
== Difficulties ==
[[McKinsey & Company|McKinsey]] identified 4 problems that prevent companies from implementing large scale personalizations:[https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/personalization-at-scale-first-steps]
* Companies are storing and collecting data - but are not able to sync and analyze the right data together at the right time.
* Many marketers are looking for events and are not thinking about [[Behavioral targeting|triggers]] - This means that marketers are looking for external motives for personalization, such as holidays, while personlized marketing works best when it's based on triggers - i.e. customers' own behavior.
* Hierarchal companies - personalization marketing works best in agile companies, companies where there's a lot of cross-department collaboration. But most companies are used to hierarchal, strict structures that prevents data sharing across companies.
* Not using adequate technology - the wrong technological solution has been implemented.
== See also ==
Line 88 ⟶ 96:
* [[Surveillance capitalism]]
* [[Internet manipulation]]
*[[General Data Protection Regulation|GDPR]]
*[[California Privacy Rights|CCPA]]
== References ==
| |||