Personalization Trend
Customer experience and delivery of the most fitted value is becoming one of the most important marketing trends. Personalization of services must be implemented by the Only Education Center taking into regards the growing demand for educational services in China and changes in online-offline educational modes.
Personalization Description
According to Piller and Tseng (2009) personalization is “the using technology to accommodate the differences between people” (p. 7). Currently, those companies succeed in the marketplace those are highly adaptive and flexible to the external market volatility. Personalization trend in educational industry is the ability of the educational services providers to collect, process, understand and accommodate the customers’ needs (Piller & Tseng, 2009).
I have chosen to investigate this trend because when a company customizes its services, it becomes smarter how to attract their target audience. This also brings competitive advantage over the rivals because the knowledge of the needs and preferences of the customers are better studied and responded to (Piller & Tseng, 2009). Personalization is the win-win strategy when a buyer benefits from the increase in sales and customers loyalty and the purchaser feels that he is highly valued by the service provider.
Research and Analysis
Evergage (2017) underlines personalization is proved to advance customers relationships. Customers are becoming more sophisticated and they require personalized experience. Personalization is widely used in email marketing while for the websites and mobile the efforts of marketers should be further strengthened. The biggest barriers to benefit from the personalization of customers experience are budget constraints, lack of knowledge, skills and people, inefficient technology. Evergage (2017) points out that personalization of website and mobile application allow companies to increase conversion rates, improve customer experience, increase visitor engagement, improve brand perception, increase customer lifetime value and loyalty, increase retention and reduce churn as well as lead generation customer acquisition.
The companies that implements technology tools as well as Big Data analysis, use the following criteria to personalize their visitors’ experience: location, demographics, content and pages viewed, campaign source, previous visit behavior, personal characteristics, stage of customer journey, device, company and browser. They also utilize the following approaches of personalization: segmentation and rule-based targeting; algorithmic 1-1 and machine learning. Such companies use personalized experiences of the following types: email campaigns, home page, recommendation, interior pages, navigation, search, pricing, videos, and sorting (Evergage 2017).
Deloitte (2016) reports expansion in Chinese educational industry is both in marketing activities as well as in industry size. The size of Chinese educational industry was estimated to be equal to RMB 1.6 trillion in 2015. Compound Annual Growth Rate is expected to account for 12, 7 percent and reach the figure of RMB 3 trillion by 2020 (Deloitte 2016). The major growth sectors are K12 training, early childhood education and vocational training.
Education as the Service Choice
Only Education Center specializes in pre-school education and K12 trainings - sectors of the educational industry which are estimated to experience the biggest growth in the nearest years. Policies implemented by the government support the preschool education as well as …
