The Significance of Personalization in Marketing

Abstract

Nowadays, a company's success may depend on its ability to gain information about its current or potential customers. Information has become a success criteria in recent times. Nowadays, it isn’t an expectation on a company to produce a general, standard product, which is often unable to fully meet consumer demands. The challenge and the solution are personalization, i.e., personalized products. A personalized product is designed by the consumer himself or herself, e.g., by taking advantage of opportunities offered by the Internet. Our secondary and primary research shows that personalization is no longer only the privilege of large companies, but also a realistic option for SMEs. Today, you can also customize small sweets (M&M's) or sports shoes (GT). In addition to the obvious benefits, personalization also presents challenges, such as manufacturing technology or the privacy of personal data.