Personalizing the Consumer Relationship with GenAI
L’Oréal teamed up with BCG to create Beauty Genius—an AI-powered virtual beauty assistant, available 24/7, that offers customized advice and recommendations.
Personalization is a competitive differentiator across industries—and leaders have a serious advantage. BCG’s approach to customer personalization enables organizations to achieve ten times the growth in marketing speed and scale.
Mark Abraham
Personalization is driving big numbers across sectors. Financial services companies are using personalized marketing to increase revenue by more than 30%; health care organizations are improving ROI up to 300%; and retail brands are increasing incremental revenue by $1 billion over three years.
Leaders in personalization grow revenue 10 percentage points faster annually than laggards and enjoy higher customer satisfaction scores.
BCG’s personalization consulting team works side-by-side with your team and as a strategic partner on your personalization journey. We bring a combination of artificial intelligence and organizational intelligence across data, technology, strategy, and ways of working to scale your data and insights by 10 times, show your customers 10 times more relevant content, and drive 10 points faster growth from customers who engage with personalization.
To do this, the team has created what they call the five promises of personalization, or promises a company makes to its customers and needs to live up to. These promises—defined as empower me, know me, reach me, show me, and delight me—are essential are essential to realizing the full potential of personalization.
Delivering on these five pillars helps organizations to engage customers and market to prospects in a fundamentally different way; one that creates a self-funded cycle through audience-based insights and technology, while avoiding the common roadblocks company’s face in their personalization efforts.