Marketing in Teh 21st Century

Marketing in the 21st Century

The Era of Personalized Marketing

View of Personalization

With the technology advantages, marketers pay more attention on personalization to increasingly improve their marketing strategies and performance (Vesanen, 2007). In marketing mix, personalization is a process, in which companies individually focus on the customizability of the product or service based on the customer’s characteristics to promote sale and service. Capital One promotes the individualized credit card design, for example, is one of the evidences that marketing pertinently leverages technologies in personalized marketing strategies.

One-on-one marketing requires the investment in information collection because it helps identify business prospects and customers, differentiate customers in term of their needs and their perception, customer interaction, and personalize product or service (Kotler & Keller, 2009). Online and E-commerce companies use personalized process to offer customer relevant products or services (Lee, Kim, & Park, 2007). Therefore, personalization is perhaps useful for E-commerce companies and involved with a long observation and data collection process. Consumer review is helpful because it reflects the review of identifying issues in quality and customer perceptions of the products and services (Mudambi & Schuff, 2010).

Developing Personalized Marketing

To develop a personalization process, businesses need to understand the different types of personalization. As Vesanen (2007) points out, personalization can be different in many forms such as adaptive, cosmetic, and transparent type. Based on the demographic targeting or the information provided by customer, the adaptive personalization, online advertisement becomes the most effective marketing. Cosmetic personalization offers the packaging or presentation of the product or service based on customer preferences. Transparent personalization combines the information...