Mass Personalization and Personalized Marketing with Ray Wang

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Faster than we realize, reality and virtual reality are merging. But other than virtual reality games like Pokemon Go and SnapChat apps, what exactly does that look like? This week Tom chats with Ray Wang from Software Insider about the future of marketing technology and how it affects experiences with prospects and customers.

THE FUTURE OF MARKETING TECHNOLOGY

We may never get to real AI, but we have reached the level of machine learning.

Think about all the promises made about predictive analytics. Suggestions will soon be automated, as will all that learning we’ve had.

It’s called Mass Personalization at scale. With it, AI will be the new UX.

Reality and virtuality will merge. There’s a whole new set of user experiences that we haven’t seen yet.

According to Ray, it’s a very exciting time to be working in marketing and AI.

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PERSONALIZED EXPERIENCES

Machine learning is a subset of AI. We are starting to apply machine learning techniques.

Businesses like Amazon and Google are trying to track your preferences.

Mass Personalization needs to get to know your patterns.

Ray uses this example:

Maybe at 7am every day you get your coffee.

And at 75 degrees you get a normal coffee.

But what about at 85 degrees? What about 95 degrees?

When do you start getting iced coffee? What factors are causing you to make these decisions?

From your coffee and breakfast preferences to your heart rate, mass personalization at scale wants to get to know you as well as it can. However, since it can’t be a perfect science, it has to make a lot of guesses.

DANGER OF OVER AUTOMATION

With the trend and ease of automation, it can be tempting as a business to want to automate a consumer’s entire experience.

However, there is a danger of becoming too automated and creating a frictionless experience.

If you are going to a cheap motel and just want to open your hotel door with your phone, that’s one thing. But what if you are going to a five star hotel and want the experience of having someone show you to your door? Sometimes having that friction, or experience, is important to the consumer.

Now, it is up to mass personalization at scale, to learn and decide how much friction a consumer wants. And businesses are looking to do this on a personalized level.

THE EVERYDAY BUSINESS OWNER

We are trying to create an easy experience for business owners to use this technology. As things get easier to use, people are going to be able to do the things large companies are able to do with AI.

We are also working to create chatbots and technology that can show business owners where things are going right and what needs a little more work.

KEY INSIGHTS

  • We will never get to real AI, but mass personalization is happening now
  • It is possible to over-automate your business.
  • It is sometimes important to have friction in your consumer experiences

RAY’S TAKEAWAYS

  • Be sure to find the balance between automation and friction.
  • Mass personalization is all about getting to know your consumer on a personal level
  • Mass personalization will soon be available for all businesses

MORE FROM RAY

Ray’s Bio on Constellation Research

Software Insider

2018-10-17T00:46:55+00:00