Personalization at scale will bring tremendous value to many industries, #retail and #insurance in particular via @McKinsey

Personalization is a crucial weapon in the marketer’s arsenal to achieve that goal. That’s how businesses can deliver tailored recommendations, content, offers, and experiences, across all channels and devices, along the entire customer journey. Personalization at scale has the potential to create $1.7 trillion to $3 trillion in new value (Exhibit 1). Capturing this value will require mastering the technologies and addressing the organizational disconnects—all while forging trust with customers and protecting their data.

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WHY IT MATTERS: personalization of products and services – for example to give bigger coupons to most valuable customers or pricing insurance premiums more accurately based on risk and behavior – should not be seen as a marketing trend or an expense but rather as a revenue generator.

Farid Mheir