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.
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.
By Mark Abraham and David Edelman
Amazon Learn more about PersonalizedBCG’s personalization consulting toolkit draws upon a unique combination of industry, technology, and functional expertise. We leverage agency-like capabilities, cutting-edge analytics, and an array of proprietary tools to help companies build scalable personalization businesses. Some of our key personalization consulting resources include:
Our personalization consulting experts have quantified our learnings into the BCG Personalization Index™, an assessment of personalization maturity at both the individual company and industry levels. The insights from this assessment will help you to prioritize your strategic roadmap, drive growth, and improve customer satisfaction.
Contact the team to learn more
BCG’s tech build and design unit brings together advanced tech knowledge and ambitious entrepreneurship to help organizations understand personalization marketing trends, build a marketing personalization platform, and enable innovation at scale. Its global team of world-class technologists, scientists, programmers, engineers, and designers includes experts using AI, machine learning, and data to drive business transformation through personalization.
A state-of-the-art set of tools, modules, and integration capabilities, Fabriq by BCG enables users to integrate our modular architecture into their existing technology stack and implement new digital personalization initiatives quickly and effectively, without further scaling or refactoring efforts.
BCG and BCG X won the 2024 CODiE Award for Best Marketing Solution for Fabriq by BCG. The award recognizes the best solution that enables companies to plan, target, market, and measure the effectiveness of campaigns promoting products and services to consumers and/or businesses online, off-line and via mobile devices. The CODiE Awards judges noted, "Fabriq empowers marketers with a powerful suite of tools for real-time personalization, media spend optimization, and seamless campaign management with existing tech stack. Its ability to bridge the tech gap, cater to diverse campaign goals, and deliver measurable results makes it a super competitive solution for brands looking to personalize customer experiences and maximize marketing ROI."
Our personalization consulting team has worked with leaders in personalization—and empowered others to join their ranks. Some of the best examples of personalization success include:
Personalized Marketing for the Retail Industry. We helped our client realize an increase in annual revenue of $300 million by implementing one-to-one marketing—experiences based on preferences, usage, location, and context relevant to individual customers.
Cross-Selling for Retail Banking. Through customer-specific offers and recommendations based on life events, we helped our client increase its offer conversion rates by 30%.
Capability Build and Agile Teaming for the Airline Industry. We helped our client realize $50 million to $100 million in incremental revenue through a six-month pilot while scaling up an internal marketing team of 90 to work in agile, cross-functional squads.
Recommendation Engine Build for US Biopharmaceuticals. We built a “next best action” engine driven by machine learning to recommend the right offer in the right channel, leading to a 3% increase in volume and a 10% increase in acceptance.
While generative AI is poised to transform the workplace, we still need human brains for new ideas. BCG CMO Jessica Apotheker offers a pragmatic and hopeful look at the future of business.
As GenAI drives the marginal cost of marketing content to near zero, the resulting speed, flexibility, and cost efficiency will transform how creative teams work.
According to our 2024 survey of over 200 CMOs in 7 countries, CMOs increasingly view generative AI (GenAI) not only as a way to improve efficiencies but also to unlock growth.
Retail Media 3.0 will unlock the channel’s potential as a powerful, strategic marketing tool. But to get there, players must leverage partnerships and insights.
Overwhelming consumers with elaborate promotions, discounts, coupons, and loyalty rewards can weaken consumer loyalty, tarnish brand reputation, and suppress new revenue opportunities. Instead, retailers should adopt a streamlined, customer-centric approach.
Our personalization consulting experts have created large-scale personalization programs across industries and geographies, honing one-to-one marketing personalization strategies, and building the enablers for sustainable, long-term success.
