Hyper-personalization- Startup’s Next Go-to Strategy for boosting their client base | Investera | Investment Portfolio Management Platform

Hyper-personalization- Startup’s Next Go-to Strategy for boosting their client base

31May, 2022

As technology is rapidly advancing, startups are always on the lookout for the latest digital marketing strategies that would aim on increasing their client reach. However, regardless of which sector the startups are operating in, customers will always be a step ahead of them, and they will get the right type of information before making a purchase and customers would like them to understand their demands.

Understanding consumer behavior is a vital step for startups and businesses to survive. The science behind consumer behavior widely depends on the psychology of customers and how their needs or wants change with time, and it is the job of the startups to know how to track those changes and personalize their offerings accordingly to meet the needs of their customers.

So startups should start looking to increase their customer base, and retain their existing customers and it’s time for them to consider Hyper-personalization in their next marketing campaign.

What is Hyper-personalization? 

It is the process of acquiring real-time consumer behavioral data to personalize goods, services, and experiences to their preferences. Hyper personalization is achievable through the usage of the available AI and real-time data to provide more relevant products and services for each customer and user individually in a given context or situation such as online purchases, search queries, social media usage, emails, and other online tools available. Hyper personalization could be applied to industries where there are existing customers and/or users, like E-commerce, fintech, health tech, and much more. 

How  could startups benefit from Hyper- personalization?

Startups should start investing in Hyper-personalization measures to enhance their relationships with customers and provide exceptional experiences that can reap significant profits for them. And in a world where the vast majority of businesses are focusing on Hyper-personalization, if they do not prioritize delivering customized services or products,  they are at risk of being left behind.

Hyper-personalization has the potential to boost online sales and increase revenue. When startups focus on Hyper-Personalization, they automatically make a concentrated effort in the product or service they are selling to their target audience. 

By utilizing AI and Data Analytics, they will be able to create better suggestions and personalization for each individual customer, with dynamic and personalized pricing options that will result in enhancing the overall customer experience, thus increasing brand loyalty in the future. 

Hyper-personalization strategies startups are already implementing

Some startups are already implementing practical strategies in order to hyper-personalize their offerings to customers and make sure each service is individually tailored.

Those startups have realized the importance of a customer experience and how it affects business, so they’re not afraid to take chances and experiment with new ways of improving customer experience every day through real-time data gathering and analysis tools that would help them fine-tune their products and services every step of the way along the customer journey from discovery to purchase.

Startups adopt and benchmark their strategies from giants like Amazon, Netflix, and Spotify all of which leverage machine learning, AI, and automation to provide users with more relevant and personalized offerings. 

Here are a couple of interesting International and MENA Startups who are not only implementing Hyper-Personalized offerings in their products and services but based their business model on hyper-personalization; 

  • FashionDx is a USA based startup that offers a 100% auto-generated AI Stylist called Maaya.ai that recommends products and outfits based on a user’s profile. 
  • ELCoach, an Egyptian startup is the fitness app for the Middle East- it registers current stats, fitness level, and personal goals and is used to craft hyper-customized diet and workout programs.
  • Viavii is Jordanian-based travel and leisure startup that offers customization and personalization for every traveler powered by AI. 

Hyper-personalization is definitely worth considering

Marketing has always been the root of creating connections with customers. Integration of a Hyper-personalized strategy in startups’ marketing campaigns will become essential for their business to keep up with competitors. Through the right analysis of customer data, demographics, likings, and dislikings they will be able to forge a deeper connection with customers. 

While this strategy will certainly need planning, startups need to figure out what kind of data they have and might need to come up with offerings that will match what their customer wants or what they are looking for. Experimenting here is key to success, figuring out what the customer really wants might be challenging at the beginning, but when startups find the personalization for each of their customers they will be rewarded with lower churn rates, higher customer retention and most importantly increasing revenue streams in the future. 

Loiy Saidi