g-f(2)3092 Mastering Personalization: Insights from HBR

 

genioux Fact post by Fernando Machuca and Copilot

Introduction

In the rapidly evolving digital landscape, personalization has become a key differentiator for businesses aiming to meet customer expectations. The Harvard Business Review article "Personalization Done Right" by Mark Abraham and David C. Edelman delves into the complexities and opportunities of personalization, offering valuable insights for companies striving to excel in this domain.

genioux GK Nugget

"Personalization, when done right, empowers customers to get what they want faster, cheaper, or more easily." — Fernando and Copilot, October 26, 2024.

genioux Foundational Fact

The article introduces the Personalization Index, a metric that quantifies personalization maturity on a scale from 0 to 100, measuring how well companies deliver on the promises they make to customers through personalized interactions. This index helps businesses assess and refine their personalization strategies to better meet customer needs.

The 10 Most Relevant genioux Facts

1. Personalization Expectations: Over 80% of global consumers expect personalized experiences.
2. Inappropriate Personalization: Two-thirds of consumers have experienced personalization that is inappropriate, inaccurate, or invasive.
3. Lack of Clear Guideposts: Many companies lack a clear guidepost for what great personalization should look like.
4. Defining Metric: The Personalization Index is a single score from 0 to 100 that measures personalization maturity.
5. Five Promises: The index evaluates how well companies deliver on five implicit promises made to customers.
6. AI's Role: AI is crucial for creating and refining personalized experiences at scale.
7. Continuous Refinement: Personalization requires constant learning and micro-testing to improve user experiences.
8. Spotify's Success: Spotify attributes its success to personalized recommendations, which have significantly increased its user base and revenues.
9. Profitable Outcome: Personalization is seen as the most exciting and profitable outcome of the AI boom.
10. Business Assessment: Companies can use the Personalization Index to assess and enhance their personalization strategies.

Conclusion

"Personalization Done Right" provides a comprehensive guide for businesses to navigate the complexities of personalization, leveraging AI to create meaningful and profitable customer experiences. By understanding and applying the insights from this article, companies can enhance their personalization efforts and better meet the evolving expectations of their customers.

REFERENCES

The g-f GK Context

Mark Abraham and David C. Edelman, Personalization Done Right, Harvard Business Review, From the Magazine (November–December 2024).

ABOUT THE AUTHORS

Mark Abraham is a managing director and a senior partner at Boston Consulting Group.

David C. Edelman is an executive adviser, a board director, and a fellow at Harvard Business School.

Classical Summary of the Article

The Harvard Business Review article "Personalization Done Right" by Mark Abraham and David C. Edelman delves into the significance of personalization in today's digital age. The article introduces the Personalization Index, a metric designed to quantify personalization maturity on a scale from 0 to 100. This index evaluates how effectively companies fulfill the promises they make to customers through personalized interactions.

The authors highlight that over 80% of global consumers expect personalized experiences, yet two-thirds have encountered personalization efforts that are inappropriate or invasive. The Personalization Index helps businesses assess their personalization strategies and refine them to better meet customer needs.

The article emphasizes the crucial role of AI in creating and refining personalized experiences at scale. It also underscores the need for continuous learning and micro-testing to enhance user experiences. Companies like Spotify are cited as examples of successful personalization, leveraging personalized recommendations to significantly grow their user base and revenues.

In conclusion, "Personalization Done Right" provides a comprehensive guide for businesses to navigate the complexities of personalization, leveraging AI to create meaningful and profitable customer experiences. The insights from this article can help companies enhance their personalization efforts and better meet the evolving expectations of their customers.

Mark Abraham, PhD

By Copilot

Mark Abraham is a Managing Director and Senior Partner at the Boston Consulting Group (BCG) [1]. He leads BCG's Marketing, Sales & Pricing practice in North America and is a core member of the Consumer, Retail, and Marketing, Sales & Pricing practices [1]. Since joining BCG in 2004, Mark has been instrumental in helping clients leverage data and technology to deliver personalized customer experiences across various channels [1].

Mark is passionate about bringing together disparate capabilities within organizations to drive innovation and results [2]. He has built some of BCG's largest digital ventures and AI platforms, including Fabriq Personalization AI by BCG X, a platform that accelerates personalization [1]. Mark is also the co-author of the book "Personalized: Customer Strategy in the Age of AI," which provides executives with insights on how to put personalization at the center of their strategy to accelerate growth [1].

Mark holds an MBA with high distinction from the University of Michigan Ross School of Business and a BA in business studies from Oxford Brookes University [1]. Outside of his professional achievements, Mark is a dedicated father of two and enjoys adventure, the outdoors, and special family time [2].

[1] www.bcg.com https://www.bcg.com/about/people/experts/mark-abraham

[2] fall.shoptalk.com https://fall.shoptalk.com/speakers/mark-abraham

David C. Edelman, PhD

By Copilot

David C. Edelman is an Executive Adviser, Board Director, and Fellow at Harvard Business School [1]. He is a highly respected authority on digital transformation and marketing, known for his influential work in guiding organizations through the complexities of the digital age [1].

David served as the Chief Marketing Officer at Aetna from 2016 to 2020, where he led the company's transformation into a digitally-oriented, customer-centric brand [2]. His efforts included launching Aetna's rebranding campaign, "You Don't Join Us, We Join You," and building an "Office of the Consumer" to design new member experiences [2].

Since July 2021, David has been a Senior Lecturer at Harvard Business School, teaching marketing and advising CEOs and CXOs on digital transformation, AI, and personalization [1]. He has published numerous articles in leading business publications, including the Harvard Business Review, and is a frequent speaker at industry conferences around the world [2].

David holds an MBA with high distinction from Harvard Business School and a BA in Economics from Harvard University [2]. He is also a board director and trustee of The Walnut Hill School for the Arts in Natick, Massachusetts [2].

[1] www.hamiltonmannconversation.com https://www.hamiltonmannconversation.com/davidedelman

[2] en.wikipedia.org https://en.wikipedia.org/wiki/David_Carl_Edelman

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Categorization

This genioux Fact post is classified as Bombshell Knowledge which means: The game-changer that reshapes your perspective, leaving you exclaiming, "Wow, I had no idea!"

Type: Bombshell Knowledge, Free Speech

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