Personalisation is not changing the product at all, it's just about the experience: Adarsh Noronha, Oracle
He says that shifting from mass production to customization with digital help is the key to success for companies
With brands taking that extra step ahead with the help of technology to meet consumer needs, Adarsh Noronha, Senior Sales Director – Oracle Marketing Cloud, India, spoke about the trigger point for such shifts from mass production to customisation. He also talks about the role that Oracle is playing here and how it helps clients during such a shift. Excerpts:
What do you think is triggering this change from mass production to customisation? How is this affecting the company’s branding?
With changed human behaviour and the ability to become more digital savvy, with a phone in hand coupled with a need to associate with something that cares for us in return, I think that is a big shifting point in consumerism. If you are an enterprise which is catering to millions of consumers, you can’t manage this manually. Obviously, companies have to go digital. This is what we call the digital transformation. You need to talk to your consumers very personally and understand them. To understand them, you need to get more data from them. According to Gartner, by the year 2020, every company that can focus on personalisation will increase their profits by up to 15 per cent straight.
The entire branding changes because customers are becoming more and more digital savvy. If you’re increasingly customising that means you are reciprocating to the need of the market. If a company is not adapting to this then you are expected to lose out on revenue, market share and consumers; your competitors will take that away from you. That’s how critical it is.
Is this shift having an impact on the brand identity or image?
Let’s take an example, if you go into a hotel, you book a room. This hotel is part of a multi-national group. You check in, because they’ve invested in the data about you, they would know the sort of room you prefer like smoking or non-smoking. They would know you like reading Chetan Bhagat, so they keep a Chetan Bhagat book in your room. They customise their service as per what you like. This won’t change their brand. Personalisation is not about changing the product at all. It is just about the experience. They won’t be creating a separate room just for you and not give it to anyone else. You as a customer wants relevant and enjoyable experiences.
What has Oracle been doing in this space?
For Oracle, globally and to all the segments that we operate in, we have done a lot of research ourselves and looked at a lot of research globally done by third party agencies. What we have understood is that what customers want is something real time and they need a personalised contextual experience. If you don’t do that, they will very easily get frustrated. The moment he will get frustrated, he will walk out. If you’re a B2B company, just sending emails won’t work. You don’t have to have a jazzy looking mobile app which doesn’t do anything apart from giving you knowledge. For example, your net banking app needs to work and help the consumer. As a company, you might invest a lot in collecting data about your consumers and what they do but it’s of no use if you fail to act upon it. Now what Oracle does is that it enables enterprises to not only get aware of their customers and get their data but also to act on it, and to act on it in such a way that customers feel the personalisation. You don’t just act on it contrary to the data you have. But you should be smart enough to mind the data you have and understand certain things from it and offer a service. So, you as a company become very well aware of your customers. Oracle’s products do that.
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