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LATEST THINKING


OVERVIEW

Companies’ efforts to personalize customer experiences (CX) are based largely on an understanding of routine behaviors and fixed attributes, such as age or address.

Recognizing that personalization’s value is limited, some UK business leaders are now focusing on delivering hyper-relevant CX, based on a deep understanding of the context in which consumers make purchasing decision. The value of investments in hyper-relevance grows over time because companies keep pace with consumers’ “non-constants” and changing circumstances.

Hyper-relevance requires two things: More personalized data about customers and the trust of customers. Leaders show how others can secure both.

READ THE REPORT [PDF]
73% of CEOs acknowledge the need  for products, services  and experiences that  are more meaningful to their customers.

KEY FINDINGS

Accenture Strategy research confirms that UK consumers want highly personalized CX:

39% of consumers expect specialized treatment for being a good customer
20% of consumers who abandoned a business relationship last year did so because personalization was lacking

A QUARTER OF CONSUMERS EXPECT COMPANIES WITH WHICH THEY ENGAGE TO KNOW MORE ABOUT THEM

UK consumers recognize they need to share personal data in order to get the experiences and offers they desire. In exchange, they expect companies to safeguard the information they share.

87% of consumers believe it is important for companies to safeguard the privacy of their information
73% of consumers find not being able to trust a company with personal information to be a top source of frustration

RECOMMENDATIONS

UK business leaders that successfully pivot to hyper-relevance do three things:
Look beyond the traditional customer journey

LOOK BEYOND THE TRADITIONAL CUSTOMER JOURNEY.
Leaders identify and prioritize those areas where hyper-relevance can deliver added value and unexpected experiences.

Rethink data

RETHINK DATA.
Leaders invest in data security and predictive analytics, collaborate with an ecosystem of stakeholders to capture real-time snapshots of consumers, and mine data in new ways.

Earn trust continuously

EARN TRUST CONTINUOUSLY.
Leaders eliminate anything that jeopardizes trust. They make digital trust sustainable by establishing a rigorous process and governance structure. Most importantly, they manage digital trust as the critical growth enabler it is.



Tailored services and solutions will be table stakes soon. Is your company ready to up the personalization game? #GCPR #CX



AUTHORS

Robert Wollan

Robert Wollan

Senior Managing Director –
Accenture Strategy,
Advanced Customer Strategy, Global

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Rachel Barton

Rachel Barton

Managing Director –
Accenture Strategy,
Advanced Customer Strategy,
UK, Europe and Latin America

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Masataka Ishikawa

Masataka Ishikawa

Managing Director -
Accenture Strategy,
Advanced Customer Strategy,
Asia Pacific

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Kevin Quiring

Kevin Quiring

Managing Director –
Accenture Strategy,
Advanced Customer Strategy,
North America

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