Personalized Marketing
Personalization
Dynamic Pricing Strategy
Online retail and offline retailing marketing strategy
Marketing Communication
Internationalization
Personalization
Personalized marketing is the process of creating pitches and messages for individual consumers and is often considered as the ultimate model of targeted marketing. It is also defined as one-to-one marketing exercise of strategy where the companies make use of analysis of personal data and digital technology to create and to develop individualized messages and offerings of products to existing as well as prospective customers. The personalized messages are created based on personalized data that is collected through a number of methods and use of analytics and digital electronics and digital economics. Personalized marketing helps marketers to create and deploy enhanced and real-time as well as prolonged better customer experience through personalization tactics ("Executive summary of "Recommendations as personalized marketing: insights from customer experiences," 2014).
Personalized marketing also involves the personalization and customization of the products themselves were customers are able to choose individual specifications in relation to the products that they're interested in using some form of a configuration system. This personalization of marketing and product offer technique has been shown to result in more sale conversions. Furthermore, personalized marketing also comprises of personalized advertisements and are a perfect option to replace product promotions and advertisements that are general in nature and customers are not able to relate to the product offers as they do not have any link to the personal needs. This is enough to convince companies to gauge the importance of personalization in marketing (Saucier, 2008).
Personalization of advertisements for products and services can also help firms get more in return for their investments made in this field and the customers on the other hand receive product information that is helpful and related to the individual needs. Therefore netting of customers becomes easier and the chances of improving customer base increases. Personalization of advertisements and marketing messages helps companies to make the customers feel appreciated and as if they have been singled out by companies (Saucier, 2008). This is similar to getting appreciated individualized service when one goes to a store. The conversion rate from advertising is helped enhanced by personalization. Sending personal e-mails is an example. Generalized content for marketing and advertisements on every perceivable platform is often ignored by a customer and hence the conversion rate is low.
Personalization also helps in the improvement of customer retention. Personalization helps build a relationship with customers. It is more likely that customers would respond to personalized offers when loyalty programs and other offers contain offers that are personalized. This is so because it is more likely that customers have a more positive feeling about a company for having taken the extra effort to personalize its messages (Walters, n.d.).
The personalized messages that are also created in this process help companies and firms to stand out in the crowd of an overloaded marketplace of content and products and services. Therefore personalization of messages also helps in the development and creation of better messages. Therefore, the quality of the content and messages gets improved from the perspective of the consumer and can have a greater impact. The primary step to developing a personalized marketing strategy is to gather information about customers. This can be done in a number of ways -- through direct contact, through surveys, and data collected during the sale. This data would be analyzed and converted to personal traits through special software which also helps in the creation of personalized messages for marketing.
Dynamic Pricing Strategy
Personalized or dynamic pricing is a good idea as far as personalized marketing is concerned. The price is generally not firmly set in dynamic pricing. Changing circumstances, most often determine the price of a product or a service. Such circumstances can be increased in demand at any point in time, or the type of the targeted customer, the paying ability, and history of previous purchases of the targeted customer and changing market conditions (Nahata, Kokovin, & Zhelobodko, n.d.). This pricing strategy is useful for personalized marketing as it would provide the best possible price to an individual customer that a firm can offer and would be made keeping in mind the ability of the customer to pay or the degree of need of the customer for the product. Therefore, such a pricing strategy obviously has a good chance of succeeding as the customer would feel comfortable with the price and the pitch would have...
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