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In a dynamic and competitive market, marketers are going towards the personalised marketing to serve better to its customers than their competitors. Personalisation is the use of technology and customer information to tailor a particular product to the specific needs of an individual customer. After the globalization of the Indian economy and also with the rapid development of information technology, the new Indian economy with characteristics of the Internet and e-commerce has become more vibrant, and brought huge impact on enterprise operation and management mode. At the same time, along with the rapid development of society and economy, personalized need for product is more and more obvious. Due to the enormous competition in the market, it is imperative for an organization to develop personalized marketing to enhance the competitive advantage. This article makes an analysis of how enterprises develop customized marketing strategies in the commercial environment. In this paper, we have also discussed about the concept of personalized marketing and make an attempt to develop a model to show how Information Technology (IT) helps to develop a personalised marketing to provide better service to the customers.
Introduction and rationale of the study
Personalised marketing is an essential element of the marketing mix and our innovative system pinpoints prospective and existing customers by focusing on the individual customer, using a combination of marketing activities. Duncan and Caywood (1966) proposed an inversion of attention, from internal organisation to focusing on the external customer groups, later all stakeholders, mapping out their brand contact points, each of which represents 'a message, a form of marketing communications'.
Personalised marketing is an approach that is used primarily with customer relationship management strategies usually where a firm has access to customer database information, or where a firm has the ability to tailor its offering. It basically refers to approach the customer as an individual and having a tailored marketing mix designed for that one customer. However, many large businesses could undertake personalized marketing activities, without being a niche marketer. For example, a large bank, with millions of different customers, could easily engage in personalized marketing due to the amount of customer data/information they have. As part of a direct marketing promotional campaign, they could send each customer a unique offer...