A path forward: Customizing the Customer Experience through Data Mining

Consumer data comes to retailers from many sources—its app ecosystem, enterprise data, and data from its supply chain. Generating and harnessing this data can be a great boon to companies with their global omnichannel marketing strategies and capabilities. However, when companies turn to analyzing this data and forming actionable conclusions, they sometimes fail in extracting useful insights and developing the next steps.

This can be true for any company that expands or wants to expand beyond the retail and wholesale partnerships that can bring the retail manufacturing expansion growth. Today, if the company moves ahead with a new strategy, — its a rapidly developing direct-go-to-consumer sales channel, and part of its faster pipeline to serve consumers’ personal strategy.

As with many other direct-go-to-consumer retail firms, some of the biggest opportunities for offering a personalized shopping experience lie in product recommendations and the results generated by product search. In back-office operations, companies look to build on their abilities to predict customer behaviours and optimize their inventories.

To deliver on these objectives, Companies must set out to obtain the talent and tools it needs.

“SpringML is an end-to-end data solutions and analytics organization since 2015 and they use machine learning to help automate, translating raw data into critical and actionable insights and doing it real-time at enterprise at scale.”

SpringML along with Google Cloud has provided big known industry brands with “powerful AI solutions that creates accurate models of one’s anatomy”. It can help in revenue streams at the individual-customer level by applying predictive behavioral models and customer analytics to target data. Meanwhile, we also suggest customers to optimize inventories by predicting future demand through the application of machine learning algorithms to a firm’s existing data, according to the company’s archived dataset from the last few years.

The focus becomes more customer-centric and data-driven, AI-powered hyper-personalization that provides the appropriate solution.

 

To improve the customer experience, and evolve their marketing programs to be even more digital, targeted, precise, and personalized. Mass campaigns, and even personalized campaigns that group customers by persona or segment, are no longer hitting the mark. And, with cost-consciousness still top of mind, it’s more important than ever to spend budgets wisely, optimizing your marketing approach to target customers with relevant and contextualized offers. If you want to respond to changing consumer perceptions and market conditions requires an ability to leverage customer data at the most granular level. As we slowly begin to emerge from the crisis, enabling hyper-personalization across e-commerce, marketing automation, and customer engagement platforms will be extremely important, allowing you to provide context to every interaction. A segment-of-one approach allows you to optimize who you target with key messages and offers through key channels, and to understand when it may not be a good time to send an offer out. Customers expect to be treated as individuals, as human beings who are facing one of the most challenging periods of their lives. They want to deal with companies who understand who they are and what they’re going through—and who appreciate that their reality and needs are changing every single day. Adopting a hyper-personalized marketing strategy powered by data, analytics, and AI will give you the insights and capabilities to adapt to your customers’ changing realities in real-time, which is what today’s customers expect. This crisis is bringing about sweeping changes to the business world, including how we market to customers. We encourage you to take the time now to consider how your company can accelerate its digital transformation to be better prepared as our reality continues to evolve.

Maximizing revenue

  • Data-driven content generation
  • Detailed product targeting
  • Next-best-action

Elevating customer experience

  • In-moment customer journeys
  • 24/7, personalized customer service
  • Real-time customer segmentation
  • Dynamic customer interaction

Recommendation engine

  • Individualized or dynamic pricing Reducing costs
  • Reduced customer acquisition and retention costs
  • Workflow automation
Hyper-personalization

Hyper-personalization goes further than segmentation

While segmentation creates customer groups based on shared likes, dislikes, and activities, hyper-personalization drills down to minute differences which can be used to target customers at the individual level. Traditionally, organizations have used customer segmentation as part of their marketing strategy in an attempt to ensure customers receive relevant communications and offers but struggle to achieve deeper levels of personalization through this tried-and-true method. While increasing segmentation efforts appears to be a good approach, it will not result in the best ROI or maximize program effectiveness. AI-powered hyper-personalization delivers optimal results by allowing companies to tailor their marketing efforts at the individual level by using data gathered on that specific customer. For example, personalized product recommendations or unique discounts can be shared using unique customer data such as psychographics or real-time engagement with your brand. This segment-of-one approach allows you to optimize whom you target with key messages and offers through the most relevant and appropriate channels. Implementing this strategy not only increases customer satisfaction, but also drives brand loyalty, willingness to spend, and overall marketing effectiveness. Hyper-personalization can be achieved in various degrees, ranging from recommendation engines to connecting online and offline sales channels, and from predicting customer preferences to developing tailored products or pricing. This level of personalization can’t be achieved through the implementation of a single business case. Rather, it is a holistic marketing strategy that fundamentally changes the way organizations interact with customers and should be treated as an evolving and maturing practice that’s embedded throughout the customer journey and part of every marketing campaign. As organizations advance their personalization efforts, they can expect deeper relationships to develop with existing customers while also attracting new customers.

Hyper-personalization goes further than segmentation

Thought Leadership