HP introduces personalization framework to accelerate business growth and increase consumer engagement
HP Graphics Solutions Business has launched a personalization framework, The Personalization Pinwheel, intended to help brands to accelerate business growth and increase consumer engagement.
Informed by insights from more than 45 million online conversations in four markets across the globe, the framework hones in on what motivates consumers to personalize – from photo books to magazine covers to consumer packaged goods – and how brands can capitalize on those motivations.
An accompanying infographic outlines the value of the personalized gift market as $31 billion USD by 2021, up 55 percent from 2016 according to statistics from Technavio. Some 70 percent of shoppers are said to be willing to pay at least 10 percent more for personalized products. Figures from Deloitte identify more than 50 percent of Millenials and Gen Z expressing a desire for personalized products.
Nancy Janes, global head of brand innovation at HP, explained: ‘Personalization is a powerful tool to create meaningful experiences with consumers. It increases brand loyalty and engagement and at the same time accelerates business growth and speed to market. HP’s digital printing capabilities are transforming how consumers connect to brands through personalized packaging and products.’
Charles Ohiaeri, chief fulfillment officer at Zazzle, added: ‘In our eyes, personalization encompasses far more than just customized or stylized products; it’s about how we can intelligently curate and contour the whole experience for those in our community – makers, designers and consumers alike. HP’s digital printing solutions allow us to serve our customers in ways we would not have considered previously.’
The six spokes of The Personalization Pinwheel cover:
- Fingerprinting: driving market share through collectability of unique items;
- Flying Your Flag: driving engagement by personalizing products according to heritage/codes;
- Letting It All Hang Out: increasing connection with Millennials and Gen Z by celebrating consumer stories individually;
- Permission to Indulgence: allowing consumers to tailor their experience of the world to their own unique preferences;
- Bringing Bonds to Life: growing penetration by expanding into gifting and e-commerce through fully customized products; and
- Mindful Materialism: building value and differentiating through purpose by enabling consumers to express their own voice in solving social or environmental issues.