Welcome Address

Krishnan Venkata, Chief Client Officer, LatentView Analytics

The winning trick lies in achieving the delicate balance of personalization – this emerged as the central theme of the event and Krishnan Venkata’s welcome address. He highlighted the importance of finding the personalization sweet spot, where tailored experiences enhance customer satisfaction. He stressed the perils of over-personalization, recounting anecdotes where, by overstepping the personalization comfort zone, retailers have lost valuable clients and credibility. He emphasized the critical need for organizations to approach personalization with sensitivity and transparency, ensuring that it complements rather than compromises the customer experience. By striking this delicate balance, organizations can forge stronger connections with their clientele, foster loyalty, and ultimately drive sustainable growth in an increasingly data-driven landscape.

Keynote Address

Precision & Persuasion: The Science of Data-driven Personalization

Jai Kibe, SVP & CMO, ex-SC Johnson, ex-Coca Cola

“Long live the consumer”, began Jai Kibe’s punchy keynote address, where he takes the audience on a journey from traditional to modern marketing, and emphasizes how personalization is no longer a luxury but more of a necessity for retail brands today. Modern marketing has evolved into a discipline of connecting brands to consumers to drive business growth. For retailers, it becomes critical to operate at scale, in real-time, and in a personalized manner to stand out in the crowded marketplace. Research says that 40% of CEOs don’t think their companies will be economically viable in 10 years, and 56% of CEOs believe that changing customer demands and preferences will have the greatest customer impact on profitability in the next 10 years. Kibe raised a potent question of how most brands today are shouting to everyone, but is anyone listening? There has been a tsunami of changes in consumer expectations, tastes, and buying habits that brands need to be mindful of and use to re-strategize their GTM plan. The trick, Kibe says, is to meet your consumers where they are. Brands need to find new breakthrough ways to connect emotionally with their consumers. He highlighted the essence of what consumers want today, which includes wanting to be treated like a human and not a number, quicker response, understanding their pain points, rewards for their loyalty, and more.
“Long live the consumer”, began Jai Kibe’s punchy keynote address, where he takes the audience on a journey from traditional to modern marketing, and emphasizes how personalization is no longer a luxury but more of a necessity for retail brands today. Modern marketing has evolved into a discipline of connecting brands to consumers to drive business growth. For retailers, it becomes critical to operate at scale, in real-time, and in a personalized manner to stand out in the crowded marketplace. Research says that 40% of CEOs don’t think their companies will be economically viable in 10 years, and 56% of CEOs believe that changing customer demands and preferences will have the greatest customer impact on profitability in the next 10 years. Kibe raised a potent question of how most brands today are shouting to everyone, but is anyone listening? There has been a tsunami of changes in consumer expectations, tastes, and buying habits that brands need to be mindful of and use to re-strategize their GTM plan. The trick, Kibe says, is to meet your consumers where they are. Brands need to find new breakthrough ways to connect emotionally with their consumers. He highlighted the essence of what consumers want today, which includes wanting to be treated like a human and not a number, quicker response, understanding their pain points, rewards for their loyalty, and more.
Brand marketing was once the main vehicle for product discovery, ultimately telling consumers how to feel about their brands. Now, Kibe says, algorithms powered by the proliferation of data personalize those decisions for us. Initial exposure to new products is determined by our digital signals. Platforms powered by peer and influencer reviews have bridged that gap to initial discovery and choice.
Consumer preferences are constantly changing, and the marketplace is evolving faster than ever to meet new demands. 80% of consumers are more likely to do business with a company if it offers personalized experiences. Kibe highlighted the 5 ways that brands can personalize their content:
Kibe elaborated each of the above with examples of some of the top brands who have hit that personalization sweet spot successfully.
Looking at the future, Kibe is confident that personalization is here to stay, growing even more in scale with increased speed and precision. AI and machine learning will be drivers of personalization, with hyper-personalization becoming not just a  good-to-have but a must-have for brands. Brands must be prepared to use data and analytics to make real-time adjustments to their campaigns based on customer expectations. He concluded by shedding light on ethical personalization, stating that while brands march ahead in the race of marketing, the need to be responsible and mindful of data privacy is also important. 

Panel discussion

Hyper-personalization and Customer Churn: Retention vs. Acquisition

Moderator
Sachin Chadha
Growth Head, Retail, LatentView Analytics
Speaker
Ben Tienor
Director of Brand and Consumer Insights at 7-Eleven
Speaker
Randy Jenovai
Head of Loyalty Analytics and Data Science at Camping World
Today’s customers are value-driven, started Chadha, as he and the panelists from 7-Eleven and Camping World discussed the impact of hyper-personalization on customer acquisition and retention. Delivering value is the key to retaining customer trust. McKinsey recommends the following:
  • Infuse empathy into your customer analytics and communication – Create segmentation based on customer attitudes and prioritize customer satisfaction based on the overall journey rather than individual touchpoints.
  • Listen carefully for feedback on customer acceptance – Test and learn constantly to improve engagement. Do this by digging into upstream (likes, clicks, opens) and downstream (conversions, unsubscribes, ROI) engagement metrics. Engage with qualitative listening tools, like an ongoing shopper panel and ethnographic research and observation.
Other considerations include:
  • Data management: Personalization initiatives require access to large amounts of customer data, which can be difficult to manage and analyze. Businesses need to have robust data management systems in place to ensure that their data is accurate, up-to-date, and secure.
  • Organizational alignment: Personalization initiatives often require cross-functional collaboration and coordination across different departments within a business and across brands. This can be challenging, as different departments may have different priorities and goals.
Jenovai said that today’s customers are value-driven and demand a consistent experience across channels. With evolving customer preferences and needs, it is imperative for brands to adjust their strategy accordingly. He stressed on the importance of data quality, and the need to continuously capture relevant data points to make informed decisions. Another strategy that he spoke about is to score each customer on their probability of purchase across purchase, rental, and other businesses.
Tienor agreed while also adding that organizational alignment is crucial to ensure the ease of collaboration between teams. A key challenge in this lies in setting and measuring key performance indicators across departments. He also shared a few of the winning initiatives adopted by 7-Eleven in product personalization.
Personalization is undoubtedly a journey. The panelists discussed the best practices organizational leaders can adopt for measuring the effectiveness of strategic initiatives. These include,
  • Identifying the balance between corporate strategy and customer interactions.
  • Gathering and using customer feedback.
  • Continuous experimentation with different versions of personalized experiences.
In a world of bottomless choices, choice overload often causes consumers not to make a choice at all. Based on nearly 50 independent studies, the Baymard Institute reports the average cart abandonment rate at 70%. AI’s immediate role in personalization is helping narrow down this choice to eliminate decision fatigue.

Doing so requires significant investment in technology. Businesses need to carefully evaluate their technology needs and make strategic investments to support their personalization initiatives.

Fireside Chat

The Personalization Equation: Decoding the Strategy-Tech Intersection

Speaker
TV Kumaresh
Chief Strategy and Corporate Development Officer, M Financial Group
Speaker
Rajeev Rai
Executive Vice President, Chief Technology Officer, SRS Distribution
In this Fireside chat, the panelists approached personalization from the perspective of
the C-suite, in what was a strategy-meets-technology masterclass.
The panelists spoke about how we have evolved from the era of strategy-led technology, and today, the two go hand-in-hand in driving the business forward. They discussed various examples of how industries like insurance and automobiles have moved from spreadsheets to more technology led inputs for determining credit scores of their clients.
Personalization needs to be more than just a bucket of tactics. Companies need to embrace personalization as an overarching strategy that spans every customer touchpoint from across sales, marketing, and customer service. The software/tech and those using it in the trenches must be aligned with CxOs and other leaders to find that sweet spot where strategy and tech intersect.

In this Fireside chat, the panelists approached personalization from the perspective of the C-suite, in what was a strategy-meets-technology masterclass.

The panelists spoke about how we have evolved from the era of strategy-led technology, and today, the two go hand-in-hand in driving the business forward. They discussed various examples of how industries like insurance and automobiles have moved from spreadsheets to more technology led inputs for determining credit scores of their clients.

Personalization needs to be more than just a bucket of tactics. Companies need to embrace personalization as an overarching strategy that spans every customer touchpoint from across sales, marketing, and customer service. The software/tech and those using it in the trenches must be aligned with CxOs and other leaders to find that sweet spot where strategy and tech intersect.

Looking at the future, both leaders emphasized that personalization has found a permanent spot in the marketing strategy of leading companies. With the integration of technology in driving forward personalization, the way ahead is only going to get more precise and focused for customers and brands alike, where the right consumer need is met at the right time by the right brand.

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