Hello $FirstName - Norwegian Case Studies: Profiting from Personalization in Norway

Having a large-scale customer database with permissions and transactions alongside a high value per customer (upper right quadrant of Figure 23) is, of course, the dream scenario and personalization should be a no-brainer.

Gartner’s perception of the term ‘personalization’ is actually more like so-called hyper-personalization, where every interaction is very personalized. As we shall see in Chapter 14, it most likely isn’t realistic – nor profitable – to always aim for a hyper-personalized customer experience for all customers.

segmentation is something you do to your customer database. It involves dividing your customers into ever smaller segments to allow you to communicate different things to different people at different times.

that there’s always an inflection point where you should stop investing in personalization.

The data clues you can collect and that will serve as indicators of moments of truth consist of behavioural data from websites, emails, apps, and digital sensors in products, in-store, and so on. For instance, behavioural data from a website would enable you to discover the customer who is looking for a bikini in February.

As Chapter 7 explained, no matter how good you become at collecting and integrating data – and no matter how fine-tuned your algorithms are – you’ll never get a full picture of what is going on with each customer. So, the best you can do is try to be less wrong.

First-party data is the data that your company collects directly from customers. It is typically gathered from transactions, subscriptions, wishlists, and other behavioural data (e.g. from your app, website, or ecommerce solution).

a strong value proposition will make marketing considerably easier. And personalization will not make up for a poor value proposition.

the insights can, over time, become more precise through better data collection and algorithms.