The top three digital transformation goals of organizations are to become more agile and customer-centric (52%), build a mobile enterprise (51%), and deliver great employee experiences (42%), as per a study by Infosys ‘Manufacturing and High tech: Human amplification in the enterprise’.
When migrating to digital, brands need to form customer-centricity the basis of their strategy. Businesses that pay attention to customers’ needs and interaction history are more likely to have a loyal customer base than those who don’t give utmost importance to their customers.
74% of consumers say “living profiles” with more detailed personal preferences would be useful if they were used to curate personalized experiences, products and offers. (Accenture)
The High Tech industry is characterized by digital disruption, globally deployed value chains, and continuous service innovation. It is seeing a constant growth in terms of reach and production abilities. APAC and BRICS nation have shown an explosive demand for consumer devices in the last decade. The situation of COVID-19 has fueled the growth of this industry as a result of change in customer preferences from luxury to durable goods for adding safety and convenience in their daily lives.
The industry-wide technological adoption and ecosystem transformation is laying the foundation of personalization in High Tech industry. To translate technological innovations into great value for customers, High Tech marketers need to offer the right products and services to the right people at the right time through the right channel.
To foster digital transformation, High Tech industry has coined the term SMAC, a short for Social Media, Mobile, Analytics and Cloud. As the acronym suggests, these are inter-connected technologies and when integrated, they drive personalization:
Personalization is all about understanding what the customers what and offering them the same at the right time through the right channel. And technology has immense power to fulfil customer expectations. Now that we are entering into the age of AI and ML, here’s how technology can enable High Tech marketers to offer personalization at a more individualized level rather than segments:
IoT-meets-personalization world bridges the gap between businesses and customers. IoT forms the basis for personalization as it collects customer data which is then leveraged to create experiences that customers are looking for.
Formerly, companies collected data from customers’ feedback, surveys, reviews and complaints to get insights into their needs and behaviors. But, now with IoT devices, businesses are in a position to collect real-time data about customers by going beyond the data provided by CRMs.
High Tech giants such as Google and Amazon have made their way into the daily lives of people with location tracker, voice assistance, home controls and integration of buying preferences, all enabling them to collect real-time customer data for personalization. This change is strong enough to engage the customers, make them feel belonged and fulfil their unspoken needs.
“89% of digital businesses are investing in personalization”, as per Forrester. This value underscores the growing importance of personalization in bringing about a digital transformation in the High Tech industry.
The best investment for High Tech marketers today is certainly in personalization and the technology that enables it. Personalization has the capability to increase company revenues by simply offering what customers expect. For every $1 spent on personalization, the right technology can offer $20 return.
The right amalgamation of personalization strategies and technology has the potential to create loyal customers in today’s compartmentalized world.
If this doesn’t feed your curiosity and you wish to learn more about personalization and its impact on high tech industry, write to us at marketing@altudo.co and we will connect you to our experts with an industry experience of over 10 years in transforming personalization strategy for global businesses.
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