What we're buzzing about.
Our Open Brand Summit last week was a big success with lots of excitement, insights and inspirations. Personalization, a fast-growing trend fueled by revolutions in social, mobile, and big data, took center stage at the Summit. Our eyes were opened to a new range of opportunities and challenges in tailored communications, products, services, and experiences for the ever-evolving consumers. We took the opportunity to showcase our new mobile wallet offering, developed in partnership with Placecast.
Context Is Fuel for Personalization
An effective way to think about personalizing experience is to consider context. Dan Shust, our VP of ResourceLAB, defines context as the set of circumstances or facts that surround a particular event or situation, such as purchase experience in-store or online. User context gives us insights into how a consumer arrives at the touchpoint, what may be relevant to them, and what their expectations may be. It is the true fuel to personalization.
Context for Mobile
Mobile, being the most intimate and personal device, holds abundant information about consumers, such as geo-location, and hence is the key to contextual experience. With consumers’ increasing acceptance and reliance on mobile for shopping and essentially every aspect of their lives, the amount and variety of user contextual information that can help shed light on the solution to their pain points along their purchase journey continues to expand. Mobile should definitely be your first and central digital platform to deploy personalized experiences.
Context + Mobile Wallet = Loyalty on Steroids and Much More Than “Payment”
The great success Starbucks has been enjoying with their mobile loyalty program has primed the industry for the mobile wallet. We have discussed our POV on mobile payment and the much bigger opportunities with mobile wallet in our previous posts. The mature APIs from various platform providers now enable us to create a more relevant, feature-rich mobile wallet. By combining membership account information, purchase and browse history, social graph, and geo-location, we can create a truly personalized mobile wallet and mobile loyalty program that specifically caters to an individual consumer’s preferences, use scenario, and lifestyle.
We are able to serve content and offers that are more relevant to each customer and reward beyond purchase by leveraging insights they are willing to share. Imagine an experience when a pharmacist/convenience store customer automatically earns points for going to her gym to exercise, receives a reminder about a 5K event coming to her city, or gets a coupon for sun tan lotion when the temperature in her neighborhood hits 85F and UV level is high. For retailers, it can be leveraged as a platform to streamline all the pre-shopping, online & in-store shopping, and post-shopping experiences; for CPG brands it can be used as a tool to increase product value, strengthen product use regimen, and in turn increase barriers to switching.
As our CEO Kelly Mooney defines personalization in her keynote speech at the Open Brand Summit, personalization is about individualizing for competitive advantage. A mobile wallet and mobile loyalty program that take user-centric contextual information into consideration can be the catalyst that boosts the engagement of your current loyalty program and helps you understand your customer better.