You might have been bombarded with ads of products you checked out on Amazon. You might also have noticed how portals like Upwork or Toptal recommend a project that is similar to the one you have accomplished. And certainly, you must have scrolled through recommended videos and movies on Youtube and Netflix. Personalization is already on a roll and changing the way businesses interact with their customers.
But, is personalization the future or just a trend soon to fade?
As our digital profiles continue to interact with a variety of content on the web, it’s inevitable for our data to not be utilized for personalizing the user experience. Google, Facebook, and Instagram are the best examples of platforms that leverage personalization via behavioral targeting. Advances in data, analytics, and technology have allowed them to customize their services and products. However, the scope of personalization is not just limited to marketing and retail anymore. Enterprises in different domains can generate value for their customers by employing personalization.
Let’s look at a few scenarios where AI-based recommender systems enable personalization regardless of the domains.
Personalized Health, Medicine, and Pharma
From personalized communication to personalized genomes, the healthcare industry continues to explore the possibilities of personalization. Personalization in the healthcare industry will allow companies to apply a patient-centric approach. Similar to other industries, patients expect to get personalized care that addresses their unique medical history. Moreover, the digital generation will incline companies with digital facilities with quality service.
Personalizing Nutrition and Food
As the younger generation continues to be health-conscious, personalization in nutrition and food is inevitable. Businesses have started tailoring personalized nutrition plans as per the specific biological requirements of a persona based on their health status and goals. While with a small base of customers, customized plans can be handled manually by professionals but to scale they need to lean towards technology.
When it comes to digital learning, it becomes important to personalize the learning experience. Not all students will have similar strengths, needs, interests, and skills. The “one size fits all” education will not work and you will end up with dissatisfied students. To solve this problem, you can use data and analytics to predict the behavior of students. By serving courses that fit individual students’ levels and interests, education institutions can generate value and returns.
Marketing and advertising Personalization
Personalization in marketing and advertising is the best way today to deliver targeted messages to individuals. In recent years, we have seen a rise in targeted ads and personalized marketing campaigns which are all backed by data and analytics. As technology continues to advance, we can only predict accuracy in behavioral targeting and rise in one-to-one connection with customers for providing better services to the customers.
Financial services Personalization
Many financial institutions still rely on monolithic systems that discourage agility and quickly respond to customers’ preferences and behavior. With customers inclining to digital interaction, it’s time for these institutions to explore the best way to cater to their customers’ needs and preferences.
Simply, by enabling up a chat feature in the website institutions can offer personalized guidance in real-time, based on the customer’s previous activity with the company. Financial institutions can leverage personalization to provide services as credits, insurances, and others by understanding individual needs and preferences.
With the proliferation of technology, the scope for personalization will only increase. What businesses need to consider is the investment they are willing to make. For small and medium-sized companies investment in technology can turn out to be rather expensive. However, with democratization in AI, we can hope for recommendation-based personalization to be accessible for companies big or small.
*Caboom is an internal project of Leapfrog.
*Also published at caboom.ai.