Personalization has been the holy grail for marketers. Remember those early days of the commercial web when it was talked about as a done deal? Well, here we are 20 years later and this craft is really just now emerging as plausible. Why is this? First off, think of the industries that needed to be invented that we really had no idea about when the web had that promise: Mobile, big data, cloud computing – all things that have needed to fall into place in order for real personalization to occur. How naive were we to think all we needed was a cookie…
Toronto-based Canopy Labs is one of the emerging companies that is finally bringing personalization to business through the use of most of the things that weren’t invented when this concept was put forward. But, really, when talking with CEO Wojciech Gryc, all they really need is sales history to make their offering work. This episode focuses on the theory of how personalization works and what impact it can have on the bottom line. Wojciech highlights how data can be used properly to help sell, how mobile fills a giant hole, how purchase history is the key predictor and what the optimum personalization experience ought to be.
This episode is much broader than just mobile but is important in order to understand the relevance and effectiveness of targeted communications to your customers. Get the infrastructure right and the platform contributes. Get it wrong and the platform is detrimental.
Key takeaways from this episode. Click on the link and the video will take you to that clip
1. What is Canopy Labs? 2:40
2. How does Canopy Labs use past purchases as a predictor? 5:10
3. Is this about using data to emulate small town rules of business? 6:30
4. Do automated systems detract from loyalty – even if done right? 9:00
5. How does Canopy Labs clean the data 14:00
6. Will we ever see a time when we DON’T have to customize personalization? 16:20
7. Putting an expiration date on data 18:20
8. What’s the impact that Canopy Labs has on customers 20:50
9. How does Canopy Labs help mobile conversions 24:40
10. Examples of the types of data that could be used to help bring more sales 28:15
11. How should privacy be viewed/handled? 31:45
12. What are the biggest challenges to overcome about using all this data that is being collected 34:05
13. How can you bring the psychology of buying into automation effectively 38:35
14. Examples of big challenges Canopy Labs has seen 42:40
Click here to download the transcript
About Wojciech Gryc
Wojciech Gryc has a wide range of experience in marketing, analytics, and business development. Prior to founding Canopy Labs, he was a consultant with McKinsey & Company, a global management consulting firm, with projects focusing on business technology, big data, and marketing. Named a Rhodes Scholar in 2008, he studied at the University of Oxford and earned M.Sc. degrees in Mathematical Modelling and Social Science of the Internet. He also studied Mathematics and International Development at the University of Toronto. His employment experience includes working as part of the Predictive Modelling Group at TJ Watson Research Laboratory at IBM Research.
Wojciech Gryc has received numerous awards for his work and research. He was named a Rhodes Scholar in 2008, a LORAN Scholar in 2004, Top 20 Under 20, and received a number of governmental accolades.