Over the past few years, we’ve seen once big-time brands such as Blockbuster, Sears, and Toys R Us all shutter operations, unable to keep up with innovative competitors better prepared to address the needs of a growing digital-first world.
Failing to adapt to the changing behavior of consumers, Blockbuster’s iconic movie rental business succumbed to the superior experience of video streaming, and big-box retailers proved unsuccessful in matching the convenience and novelty of online shopping.
Sustainability in today’s consumer landscape means rethinking outdated approaches to the customer journey and continuously iterating upon them. Because as expectations rise, businesses can’t afford to maintain the status quo – it’s all about delivering on tomorrow, when people have already come to normalize today’s offering. A harsh reality not guaranteed to even the most successful disruptors of our time.
It’s why we’re seeing giants like Netflix and Amazon not simply resting on their laurels, but rather turning to strategies like personalization in order to better meet the unique needs of their customers.
Not your grandma’s marketing
Consumers, now increasingly reliant on technology, value relevance, efficiency, and joy above all else, severing ties with brands whom once they shared a loyalty to in the face of unmet demands. An entirely new battleground, according to Gartner, 81% of marketers expect to be competing solely on the basis of customer experiences in the coming years. With its ability to deliver on all three promises, personalization has subsequently increased in importance, ascending the throne as a top strategic priority within the larger business strategy.
Those who ignore the current world order do so at their own peril, as poor or lacking personalization efforts reportedly led to 41% of consumers switching companies, costing organizations $756 billion in 2014. Leaving money on the table is no longer the argument for a tailored customer journey; it’s about the shallowing of pockets, which is why it’s so imperative personalization plans get underway as soon as possible among late-stage-adopters.
The window of opportunity is closing
The marketing technology space has become so oversaturated, often making it difficult for decision-makers to discern the hype from the must-haves when it comes to prioritizing and applying new strategies.
Using Gartner’s Hype Cycle for Digital Marketing and Advertising in 2018, businesses can easily visualize the most effective timeframe for personalization adoption. Currently plotted entering the Slope of Enlightenment, personalization is at its greatest point of potential. This window of time is marked by early stages of mass adoption whereby businesses who wait not only lose their competitive advantage but also fall further behind the pack.