Are you looking to attract, activate, grow, and retain great customers by offering the best products and services? Do you agree that in today’s highly competitive, omnichannel, and tech-enabled world, this won’t be enough to provide a stellar customer experience?
If you’re a savvy decision-maker, you know that customer expectations have dramatically increased. You can no longer solely depend on merely the techniques that worked over the past decade in today’s fast-paced business environment.
Leading customer-centric businesses are increasingly turning to Artificial Intelligence (AI) to precisely target and personalize customer interactions before, during, and after the engagement. To convert this into a great customer experience, these precious customer engagements need to be personalized with time and location-aware experiences. This is best accomplished by harnessing the customer data that you have amassed from your various disparate software applications and converting this into powerful customer insights.
How Targeting and Personalization Improves the Customer Experience
Let’s say that your company agrees on the opportunity to target specific individuals or certain customer segments using geographic, behavioral, demographic, and psychographic data.
As you set upon your task, you realize that the relevant and necessary data is spread out across many different systems: in one system you have point-of-sale transaction data, in another eCommerce, in another CRM information, and in another the kinds of products and services they might like to buy. In order to take advantage of this personalization opportunity, you need to figure out how to get the right data from these relevant source systems.
Of course, piecing the information together can be extremely difficult and time-consuming, especially without the help of a data analyst and a sophisticated analytics system.
AI can help to more easily accomplish this task using Automated Machine Learning (AutoML) algorithms that take all the raw source data, automatically stitch together the related data from across different systems, and transform these millions of data points into actionable insights that can help your business with providing an A1 customer experience. In today’s jargon, this is called an AI-based Unified Data Analytics Platform (UDAP).
This AutoML-enabled UDAP allows decision-makers to couple the powerful customer marketing analytics that enable Acquisition, Activation, Revenue, Retention, and Repetition (AARRR) with the strategic growth levers of Price, Promotion, Product, and Placement (4Ps) to drive profitable growth in new data-driven ways.
Here are some examples of opportunities for such precise customer targeting:
For instance, maybe you’d like to target women who are 35+ years of age and who also frequently eat out. Let’s call this group “Foodie Phoebes.”
Foodie Phoebes don’t seem to be price-sensitive when it comes to their love for healthy organic menu items. Discover this by using Intelligent Pricing to enable a predictive understanding of how customers and segments will react to various price points on certain products and services.
Nothing excites Foodie Phoebes more than an upscale dining experience. Send them a targeted promotion letting them know that if they spend $75 in the next week, they will be eligible to win tickets to a Food Network show!
You noticed that Foodie Phoebes love desserts, so you send them an email that for this week only their dessert will be on the house. Then conduct a basket analysis and send them a discount on a bundle of other frequently purchased menu items. After all, if they come in for dessert with a friend, they’ll naturally also need some dinner beforehand and a nice bottle of wine too!
You learn that Foodie Phoebes tend to dine in your restaurant more often than ordering delivery. Get answers about their shopping behavior to inform how products in your stores can be displayed to promote sales, such as by displaying some tasty desserts closer to your entrance. Make sure that their favorite menu items are in stock, and the promotions are as strategic and visible as possible!
In another example, consider that you’d like to sell golf-equipment to men who are 55+ years of age on your e-Commerce site. Let’s call this group “Sporty Steves.”
Don’t just measure final conversions; start monitoring your entire funnel from beginning to end, beginning with acquisition micro-conversions. So when Sporty Steves watch your video on social media or click on your product pages, you’ll know you’ve found more potential customers.
Use analytics to discover that exact ‘A-ha!’ moment when Sporty Steves get excited by your product. To measure activation, consider metrics ranging from newsletter sign-ups to seeing when Sporty Steves spend extended time on your blog reading about all the latest in golf gear.
Precise analytics let you not only track revenue holistically, but also segment this into revenue per channel and per customer. From this, figure out which customers are nearing their total revenue potential, and which ones are still likely to spend more. This lets you precisely personalize your messages to Sporty Steves to decrease lost sales opportunities and to increase revenue.
While most of your promotional efforts might be focused on attracting new customers, most marketing experts agree that optimizing for retention is where you can really hit gold! Identify returning customers or trends in individual customer spending to see whether Sporty Steves are buying just one golf-club -: or if they keep coming back for more!
You know your products are great when customers can’t stop recommending them! Check if Sporty Steves are raving about your products on social media or sending digital coupons to their friends by configuring your analytics to track social mentions and measure referrals.
By using an AI-based Unified Data Analytics Platform (UDAP) you can more easily understand the baseline for customer behavior throughout your AARRR funnel by measuring and monitoring every micro-conversion. This lets you rapidly optimize for each and every funnel stage using personalized customer analytics and automatic targeting.
AI is the Next Generation in Customer-Centric Insights
Delighting customers doesn’t have to be a guessing game. That’s why it’s time for a smart, AI-powered analytics system designed to help you find profitable customer-centric growth opportunities.
Meet Hypersonix, a comprehensive cloud-based analytics solution enabling business people to analyze disparate data sources and derive actionable insights, simply and quickly, without IT or analysts involved. Hypersonix offers a “Google-like” text or voice search experience with a virtual decision assistant named “Jarvix” who can help you to automatically find personalization and targeting opportunities and make them actionable.
Designed for Restaurants, Retailers, Hospitality, eCommerce, and Consumer Brands, Hypersonix can bring a new level of predictive and prescriptive data science to your business that will help you to exploit growth opportunities.
With the robust data-driven insights of Hypersonix, it’s easier than ever to anticipate how customers will react to your marketing and merchandising strategies. In short, to truly provide a great customer experience, it is essential to have an AI-powered system that provides the most accurate, predictive customer insights possible.
Curious to learn how Hypersonix can help your business be more customer-centric?
✎ by Amy B.