The Secret to Expanding Your Business in 2024? Personalization.

A new year brings fresh prospects for advancement, but where do they lie? In new markets, across borders, or half the world away?

On November 16, BigCommerce hosted thought leaders from some of the world’s greatest brands to discuss the main factors your organization should undertake when planning for development in 2024.

Personalization is key.

“We could spend the next 45 minutes just going into the biggest trends for 2024,” Lederman said with a grin, “but one of the areas that I’m particularly interested in is personalization.”

He goes on to say that, in a post-COVID-19 world, both consumers and businesses are settling into these new forms of purchasing and selling. All of the trends and user expectations that surged during COVID-19, such as Buy Online, Pick Up in Store, frictionless checkout, and a seamless shopping experience across online and offline channels, have now become the norm.

Brands selling online must communicate with their customers in the manner that they prefer to be interacted with. Give them the information they require, when and when they need it.

Make your consumers’ experiences as frictionless and personalized as possible, and they will thank you with a purchase.

Don’t limit your focus to the individual.

Instead of focusing on personalization at the individual level, marketers should consider their consumer cohorts or groups of customers that share common interests or characteristics and how they can be targeted more effectively.

“For example, we’ve been spending time learning about the Hispanic and Latinx demographic in the U.S.,” Nwokorie said in a statement. “They account for 25% of the youth in the United States today.

“So we’re now thinking about how we leverage language within our promotions online to better engage this demographic, whether that’s by using Spanish language creative assets or other assets for personalization.”

While individual personalisation is vital farther down the sales funnel, this type of broad personalisation can provide significantly more value to top-of-funnel promotional and marketing materials.

Get the fundamentals right first, then work on expanding.

“Personalisation has always been a buzzword, but it’s more about how you create it, how you operationalize it so you can actually deliver that personalization,” Thompson added.

When striving to personalize an experience, whether for an individual or a larger audience, getting the fundamentals right is just as crucial as how much personalization you can achieve.

“If you’re going to deliver personalization, you need to understand things like cohorts, customer lifetime value, all these different things that come together to show you where to personalize and what that looks like,” he said. “To be honest, this can be difficult to accomplish. So, for 2024, especially for brands that began offline and are now online, the essential thing you can do is build up the technology, establish a baseline for tracking your customers and their demands so you can provide that level of personalization.”

The final word

There is little doubt that personalization will play a significant role in corporate growth in the coming year. However, how and to whom you personalize your consumers’ experiences are equally crucial.

Understanding your consumers’ demands and needs will be critical. Once you’ve established a foundation for success, you can progress to larger, more individualized experiences.