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Today I am going to talk about the idea of using a combination of predictive technologies to create high-quality customer experiences – experiences that aim to cultivate lifetime customers (customers who become so satisfied and loyal that they become customers for life).
This event – webtomorrow – is of course an exploration about the question: what is the future of the web? We ask this question because we want to understand How can we all put ourselves in better position to be where the web is headed so that we can be in the right place at the right the time.
What’s the future of the web? It’s a big question.
So I want to start by breaking that big question down to a smaller question.
And that question is: what happens in one minute on the web?
Here is an infographic called data never sleeps. Its an attempt to quantify what happens on the web every minute.
The stats are mind boggling. There are millions of social interactions, millions of personal interactions, millions of transactions, millions of business interactions.
Summed up – and this infographic does not cover all interactions … : There are millions of customer experiences every minute.
And while there are millions of customer experiences every minute, I think that many of us would agree that there are far too many low quality customer experiences.
How often have you experienced being
Dis-engaged – because you visit or revisit a website and the content you are presented with lacks relevancy with regard to your intent? (you need to spend too much time trying to find what you are looking for and the content your are presented with has little to do with what you need or are interested in)
Mis-targeted – by online advertisements that keep reappearing even after you booked that smartphone or bought that pair of shoes?
Dis-nurtured - by receiving an email with content and calls to action that very broad and don’t make sense given your relationship with the brand who is sending the email. We have a great deal on a hotel room in New York. (these offers are always about where you have been not where you are going)
Disconnected – because your customer experience is so different in different channels – email, web, in store, and so on
In fact, too many times you may feel like you are
“Dis-customer-ed” – by being treated like everyone else even though you are a loyal or regular customer.
What to do …
OK. That was the webtoday minute
What will happen in the web minute of tomorrow?
Will the quantity of interactions increase while the quality of customer experiences remains low?
What if you could increase the quality of the experience?
What if you could accurately anticipate the needs of customers – in the moment – based on predictive technologies?
The ultimate convenience, the ultimate in quality service, the ultimate customer experience …
What if as a seller you anticipate the needs based on a combination of behavior and big data analysis (based on what other similar customers need and do).
Research shows that Customer experience leaders out perform laggards by 76%
Example: a potential customer for insurance …. How can you identify needs and interests in the moment based on collective behavior?
Examples to walk thru – retailer on/offline wanting to predict next product; bank looking to offer loan or cc
“These marketers understand consumers’ basic drives—such as the desire to achieve, to find a partner, and to nurture a child—motivations we call “universal human truths.”
The Ultimate Marketing Machine 350 CEOs, CMOs, and agency heads surveys of 10,000-plus marketers from 92 countries Harvard Business Review JULY–AUGUST 2014
Avoid “locking in” customers with predictions
“Don’t ask for marriage on the first date”
Include “non-actions” in predictive analysis
CTA … Connect
Christophet Nash at WebTomorrow about Creating Lifetime Customers ...by Using Machine Learning and Predictive Personalization
Creating LifetimeCustomers Using Machine Learning
and Predictive Personalization
WEBTMRRW15 – March 10, 2015
Presented by // Chris Nash @chrisnash
Senior business optimization consultant & Co-author Connect
the needs of customers
– in the moment –
Customers reveal digital
preferences – data – as
they make decisions
“in the moment”
Customers seek relevancy Brands = experience architects
Brands must create
next best action
Customer experience – Decision journeys
Predictive Personalization Machine Learning
behavior and behavior
Big data technology to
analyze the past to
predict the future
Persona Profile Product Profile
In-the-moment, predictive personalization
Profile pattern match Profile pattern match
Single view of
Machine Learning Using Customer Experience Data
Experience Data Synthesize
What if you combine
Predict the next
product to sell based
relevancy and cohort
Predict the next
online ad to display
based on in-the-
and cohort analysis
Predict the next
piece of content and
present in the
10 top bank in Russia
Consumer, Private, Commercial,
Uses predictive personalization to
increase sales of consumer loans
Boosted conversion rate for
completed consumer loan
applications from 4% to 24%
4% to 24%
Retirement savings fund
2.1 million members; $75B assets
Uses predictive personalization in
combination with predictive data
to increase member self-service
and grow member satisfaction
Boosted use of personalized online
self-services conversions by 250%
Don’t: “ask for marriage on the first date”
Do: understand consumers’ basic drives —
“universal human truths”
The Ultimate Marketing Machine
350 CEOs, CMOs, and agency heads
surveys of 10,000-plus marketers from 92 countries
Harvard Business Review JULY–AUGUST 2014
Take a phased approached to CX relevancy
Simple data merge
93% of companies using personalization experience sales increases*