Each business has to create a place for itself in the market it exists within. It either needs to occupy a unique niche or do something better than all the alternatives. A good way that modern businesses are doing this is by appealing to the individual consumer. Instead of targeting specific niches of people, businesses can now target people.
This is possible because of all the modern statistics and data around consumers. Browsing data, purchasing history, time preferences, user engagement, these are all vital tools to use. It’s through the development of algorithms and recommendations based on these statistics that businesses appeal to individuals.
Netflix, for example, uses all the minute details of people’s watch history to create tailored recommendations. If these are accurate and lead to more time spent watching Netflix, the consumers and company are happy. 90% of people enjoy personalized products, services, and even advertisements.
Of course not every company can incorporate specialization in such a direct way, but there are many ways to specialize. Starbucks has a hyper-specialized app which has led to increased revenue. Certain food companies will have unique suggestions or flavor matching. These are all ways to increase loyalty, appeal to the consumer, and create revenue.
Source: BrandGuard