Telling the Right Story to the Right Person: Using Data to Create Personalized Customer Experiences
“Just the facts, Ma’am.” Who doesn’t remember that line? Interestingly, one of the most famous lines of dialogue from television’s heyday is remembered incorrectly. Sgt. Joe Friday never said it. He always said, “We just want the facts, Ma’am.” Saturday Night Live’s Dan Aykroyd popularized the shortened version in one of his skits.
That’s the funny thing about facts. We assume they are concrete, and we make decisions based on that surety. Much of the time, it isn’t the fact that’s concrete, though. The solidity of facts lies in how we choose to interpret them. What motivates action is what (we believe) facts tell us to do.
What Came First, The Data or the Facts?
Data are facts. Individual facts, stats, kernels of information. Data are sets of values too, either qualitative or quantitative, about people, places, or things. We can do a lot of things with data.
Our understanding of data, just like facts, can go a long way to inform and influence our decision-making process. We can use data to decide whether we take an umbrella with us in the morning. Data helps us decide if we buy or sell stocks. We can use the facts behind the data of anything measurable: location, time, purchases, returns, email opens and email deletion, even the chance of a horse winning a race.
Data can give us different facts, depending on how it is interpreted. When outsider Rich Strike won the Kentucky Derby, there may have been a few surprised faces. The data said the horse had an 80 to 1 chance of winning. That’s a fact. There is a lot of other data that goes into deciding which horse will win, too: breeding and pedigree, age, days since last race, and track conditions. To have bet against that data meant some fancy interpretation of those facts. Weather, squirrels on the track, a jumpy horse, a freak tornado -- a lot of things can happen at a horse race. All this data became facts, which in turn became a story to tell people back at the office.
What a story to tell them had you placed your bet on Rich Strike. Now that’s a customer delight story!
Data helps us not only make decisions but understand why a decision is going to be made.
“Insight into what people intend to buy before they actually make their purchase significantly strengthens your customer acquisition strategy. With the right data set, search and purchase intentions have enormous potential to positively influence business decisions and customer relationships as well as optimize your buyer journey.” Andrews Wharton
Data Doesn’t Need to Be Boring. Data Can Tell a Story.
Clicks, likes, email opens, purchases, returns, telephone numbers, dates of birth, addresses, number of children, and the form of a horse. All this data seems pretty dry, and often it’s pretty unstructured. Worst of all, the data is coming in all the time. Most businesses have a problem managing unstructured data. There’s more data generated every minute, especially over the web. Mega-gigabytes of it are being produced every day.
“In 2020, every person generated 1.7 megabytes in just a second. Internet users generate about 2.5 quintillion bytes of data each day.” Forbes.com
Data, in all its manifold forms and uses, can also help us tell a story. Storytelling helps us connect our customers with the values and traditions behind our products and services and our company. Storytelling brings us closer to others, inspires us, and connects us to something bigger.
This seems like a tall order when all we want to do is have people open our email newsletter, right?
Honestly, everyone has a story. From New Homeowners and Brides-to-be to Donors, and LinkedIn Business Executives. The stories behind Political and Religious Donors may involve different characters but the moral of the story is no different from attracting donors to getting Baby Boomers into their retirement condo.
Stories bring facts to life. Personalized Stories bring data to life.
Personalized Data Helps Us Tell the Right Story to the Right Person.
Personalized data is more than individual popup banners and targeted playouts that give customers a positive feeling. Much more. The advantages of using personalized data can traditionally be seen in two main factors:
less wastage, and
higher Return on advertising spend.
It can be so much more. Think hyper-personalized, one-to-one marketing. How do we do that? Storytelling is one way.
Classic storytelling principles are effective in the area of big data and can bring about understanding, emotions, and action. Because how can customers and users be reached most effectively? With an interesting personalized story. One of 2022’s best love stories is in fact an ad for real estate. How did we not know how romantic buying a house was?
“Research shows shoppers have a strong point of view on personalization. 72 percent said they expect the businesses they buy from to recognize them as individuals and know their interests. When asked to define personalization, consumers associate it with positive experiences of being made to feel special.”
“Over three-quarters of consumers (76 percent) said that receiving personalized communications was a key factor in prompting their consideration of a brand, and 78 percent said such content made them more likely to repurchase.” (McKinsey.com)
Personalized services manifest themselves everywhere, from eBay and Amazon to customized software services and “platinum” customers.
Self-service personalization
Lifestyle personalization
Personalization via customization
Learning personalization
Content personalization
Offer personalization
Product personalization
Price personalization
Personalization remains critical to achieving customer loyalty and increasing customer lifetime value. In order to create value for the customer, companies need to provide personalized offers and differentiate themselves from the competition.
Personalization is the key to perfect customer communication, so customers feel valued and understood.
Focus One: Your Doctor Will See You in Madrid Now. Creating a Customized Customer Experience in Medical Care
The global ranking of the top 10 destinations for medical tourism is led by the USA, with a market volume of around 3.5 billion in 2018. Medical tourism also offers many exotic destinations, including South Korea, Turkey, and Thailand.
Medical tourism is a strongly growing market worldwide. According to forecasts, its revenue will more than triple by 2025. Financial savings are among the reasons to undergo medical treatment abroad. (Statista)
Most couples dream of a home and a family, and more many, a family means more than two people. Approximately 26 percent of women in the USA are unable to bear a child, but the cost and success rate of reproductive medical treatments can make it a questionable procedure. For this reason, some couples often go abroad for their fertility treatment. Which country has the highest IVF rate? The average success rate of IVF treatment in Spain is 60%.
A vacation in sunny Spain sounds quite rosy but:
The choice of surgeons is wide
Competing clinics offer dubious bargains
Health insurance coverage is in question
Travel planning is a headache
The right data blend can be used to research and inform medical professionals and patients directly about the operation they would like to have and which surgical, clinical, insurance, and travel partner is going to be the right fit.
Data meets demand meets business processes meets customer delight.
Focus Two: We Have You Covered. Creating a Customized Customer Experience in Insurance Sales
We don’t often think of buying Insurance as being an exciting event. The excitement level is minimal. Insurance is a “got to have it” rather than a “GOTTA HAVE IT!” product.
Insurance companies have been specifically monetizing customers' data with the assessment of risks since their inception -- it has been the core of their business model ever since. Contemporary insurance is now more digital, individualized, and dynamic.
How can data create a customized and improved customer experience? Data can simplify the complexity:
Optimize the underwriting process
Accelerate claims processing
Improve customer communication
Retailers are using personalized marketing to drive growth and reduce costs. Where customers shop, what they purchase, when they shop, how much they spend, and what they view or click on. This data allows retailers to target customers with personalized offers.
This type of personalization is also possible in insurance. Let’s meet Robin, who, among other things, insures their boat with an “all-risk” policy. They are a longtime policyholder and also carry auto and home insurance. Due to a negative experience with a previous claim, they’re shopping around for another insurer.
Robin has an older boat and a partner who recently acquired their boating license. The age of the boat and the new pilot means rates will be high. Robin’s insurer knows that marine insurance customers tend to start shopping for rates ninety days before their policies expire and that many will switch insurers for better rates as their boats get older for want of a better rate. They also know that Robyn’s negative experience puts their account at risk.
The insurer sends Robin a letter ninety days before their insurance expires offering an early renewal discount. The letter acknowledges the negative experience and provides a dedicated account manager and number Robin can use in the event of a claim.
“A recent report from the IBM Institute of Business Value (IBV) revealed, 42% of customers don’t fully trust their insurer, and most insurers (60%) agree that their organization lacks a CX (Customer Experience) strategy. This leaves the industry with significant room for improvement.” (IBM.com)
Personalized Experiences Are Good Customer Experiences
Personalization not only increases sales and binds customers to your company, it has a positive effect on general communication and is a good basis for increasing customer engagement and achieving improved conversion. When people feel understood, they enjoy a better customer experience. Data can play an essential role in delivering that experience.
Every client has unique needs. What are yours?
At AWI we listen first, then deliver a crafted solution matching your needs to data attributes to successfully execute on marketing objectives.
Become an AWI client today and experience Be Certain for yourself.
