Traditionally, personalization was focused on a set of rules based on existing data. Firms used to collect data in advance without any consideration for real time data but now better and much faster results can be obtained by using AI that allows businesses to conduct profiling and real-time analysis to optimize each conversion. This process is defined as Predictive Personalization and is driven by Machine Learning.
Product performance forecasting predicts future sales volumes—at what price, during which time, and in which market. It enables businesses to make informed decisions in both the short term and the long term. Nowadays, companies rely on machine learning software for product performance forecasting as these programs continuously improve, providing businesses with faster and more reliable estimates all the time.
In order to enter into a new market, businesses must have an effective product adaptation strategy. This strategy is essentially the knowledge of what part of a product or service must be changed in order to appeal to local customers.
Adaptation differs from localization in that the former changes only surface-level factors.
Brand repositioning refers to the process of changing the associations that people have with a brand.
More than a superficial change like a logo redesign, a repositioning strategy represents a radical change in a company’s marketing and identity. Rarely do companies reposition themselves without great need.