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Personalized Experiences

The image below is of a Target which is near me. It shows what you would see if you just walked in the exterior doors of the Target. Can you think of any problem with this?

Providing a single generic experience for all customers increases the duration and complexity of their experience (or purchasing decision!)

You could walk in that Target looking for a sweater, I could be looking for toothpaste, and someone else could be looking for an end table. Regardless of our very different reasons for being there, however, we’re presented with the same initial experience. That’s not helpful.

Now Target is a little bit limited by the fact that they have physical stores. It’s not particularly easy – in fact it’s downright impractical if not impossible – to personalize a physical experience for every customer who walks into your store. You can’t exactly modify the physical store for every customer. However, you can readily personalize the experience in the digital realm. Despite this, even the largest life science tools and services companies fail to do so.

The world’s best e-commerce sites, such as Amazon or eBay, don’t have that problem. They use what they know about you, and also what they know about the products they’re selling, to try to get you from where you are to where you’re going as fast as possible. (Note this doesn’t only apply to personalization, although personalization is an important part.) However, you don’t need to be a billion-dollar company to personalize digital experiences. There are many tools that make website personalization accessible to mid-sized companies and even which make financial sense for small companies with a strong e-commerce focus.

As we’ve discussed in a previous report, research from the Corporate Executive Board has shown that increasing the simplicity of the buying journey can lead to an 86% increase in initial purchases of a product and a greater than 100% increase in the likelihood that a product or brand will be recommended. Helping customers solve their problems has been shown to elicit a more positive reaction than any other brand experience. Help your customers solve their problems in a simple, streamlined manner, and they’ll reward you with their business. Personalization is an important part of doing so.

"Looking to improve the performance of your life science company’s e-commerce site? Want to streamline your customers’ purchasing decisions and earn more of their business in doing so? Contact BioBM. We’ll help you implement practices which not only improve performance, but provide strategic advantage for your company over the competition."

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