Marketing Management - Servicing Markets of One

To stand out in an economy where it seems like everything is being commoditized, marketers need to build and deploy strategies that embrace markets of one. Sometimes referred to as mass customization or one-to-one marketing, markets of one is the systematic tailoring of messaging as well as products and services to meet the unique needs of individual customers. In the book Markets of One, editors Jim Gilmore and Joe Pine reflect in the introduction, "It's a paradigm shift away from the one-size-fits-all way managers have thought about markets over the past century -- today, every individual customer is a market of one." The convergence of several drivers such as mobility, digital distribution, content consolidation and data mining have primed the pump to fully exploit this concept. 

I've seen the effects of this play out in a new venture that I am working on called MyTeamZone -- a private community where teams share all types of information, coordinate activities and easily communicate with one another. Something as simple as sending personalized e-mail invitations to join MyTeamZone that takes invitees to a personalized landing page has resulted in virtually every invitee joining. A sample of a personalized landing page is as follows:

In addition, every day we consider mechanisms that we can employ to understand the unique needs of MyTeamZone members and what we can do to align their user experience with those needs. For example, we are working on technology that steers specific video training content to members based on profile settings, personal interests, past views, etc.

Contrast MyTeamZone with a Holiday wishes email I received from a vendor trying to get my business. Keeping in mind that I've had discussions and exchanged several e-mails with this vendor, without any salutation the e-mail starts, "Thanks for another great year and hopefully this e-mail finds you safe and happy during this holiday season..." I receive countless solicitations for my business. The odds of me using this vendor are pretty slim if he can't even manage to spend a couple of minutes to personalize a Holiday greeting e-mail.  The way I look at it is if he won't take a couple of minutes now, how can I expect him to give me the proper time and attention when I might need it most?

Granted the MyTeamZone and vendor Holiday greeting comparison is simplistic. However, I think it speaks volumes to the merits of reaching constituents with personalized information.

A great example of delivering a sophisticated personalized content model is Pandora - a website based on the Music Genome Project. From a song title or artist, Pandora considers some 400 attributes like melody, harmony, instrumentation, rhythm, vocals and lyrics to build a personalized online radio station resulting in a unique music experience. Users provide direct feedback via a thumbs up or down on individual songs, which Pandora takes into account for future selections.

Pandora's roughly seven million subscribers are testimony to the value inherent in serving up personalized content as musical tastes represent an intimate expression of who you are. However, one significant challenge that Pandora faces is that they rely largely on musicologists to analyze and categorize the music used to shape custom radio stations.

In the not so distant future, I envision Pandora-like functionality aggregated across the spectrum of personal interests and tastes to serve up a plethora of highly personalized content to the device of your choosing.

For those interested, there are several good books that can help you understand, frame and launch strategies that target markets of one, some of which include:

- The Long Tail by Chris Anderson

- Markets of One by Joseph Pine II and James H. Gilmore

- The Experience Economy by Joseph Pine II and James H. Gilmore

- Customer.com by Patricia Seybold

For marketing pros, spend the time and effort required to understand what is available to enable you to personalize content, products and services for your consumers.  The more you understand your consumer's needs and deliver personalized content based on expressed interests or behavior, the more likely your product or service will be embraced.

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