Posted in Marketing and Strategy Terms, Total Reads: 605
Definition: Market of One
The level of customization and customer service which makes a customer feel as if they are being treated exclusively or are being given preference by the firm is called ‘Market of One’. With the advent of latest technology like smartphones and high speed internet, and with the ever increasing use of social media, companies are now more equipped at learning more about their customers. By using this information, companies are able to customize their services and products as per user’s preferences and needs.
For example, search engines are used by billions of people every day across the globe. However, each user gets customized search results based on their locations. Such services are like places nearby, weather forecast, traffic condition etc.