Across all sectors, personalization initiatives are being directly linked to revenue increases. In fact, over the past five years, the companies that subscribe to this business model have seen increases in revenues of 6% to 10%, along with an increase in net incremental revenue of anywhere from 40% to 100%. In every industry including home improvement (Home Depot), banking (JPMorgan Chase), the restaurant industry (Starbucks) and apparel (Nike), companies have made public announcements stating that personalized and seamless omnichannel experiences are at the core of their corporate strategy. How is this personalization being achieved?
AI is being used to capture, analyze, and utilize personalized customer data at scale, and further to understand, shape, customize and optimize the customer journey. Cutting-edge companies are building what are referred to as “intelligent experience engines” to deliver high-quality customer experiences. These tend to involve end-to-end solutions such as finding a location, scheduling an appointment, sending appointment reminders, providing directions, and guiding customers through follow-up – all in support of proactively leading customers toward achieving their goals. And while building an intelligent experience engine might seem daunting at first glance – yes, it can be time-consuming, expensive, and complex – the results are undeniable. Companies that embrace this next level of customer experience can deliver personalization that would have been unimaginable a decade ago.
While most brands are not yet personalizing customer experiences at the scale that some of the digital natives like Amazon and Google have done, early movers are tapping into newer technologies like internet of things (IoT), machine learning, marketing tech (martech) platforms and other evolving digital tools to create formidable advantages. And while no one platform can undertake end-to-end personalization, some of the key associated problems, such as creating a 360-degree view of the customer, are being solved with AI-powered intelligence. These intelligent experience engines must be micro-focused on creating positive moments at every step of the customer journey.
Businesses today are using application programming interfaces to combine AI, martech and back-office solutions that can develop and successfully use personalization data. Customers are being presented with new digital media that allows them to interact with brands. Lines are being blurred between various interactions like prepurchase (marketing), purchase (sale/transaction), and postpurchase (service/loyalty). These capabilities, in turn, are creating intelligent ways of reshaping customer experience and deepening engagement. Take a look at global giant Starbucks for example – it has developed the capability to geo-target customers who happen to be near particular locations with seasonal ads/offers specific to that outlet. Smart.
In most of the successful digital transformations of the past decade, the 70/20/10 rule is at play. (Seventy percent of the effort of changing an organization involves people. Twenty percent involves the correct data. And the remaining ten percent relates to the technology foundation.) While most companies claim to recognize the critical importance of the customer experience, we still see more talk than action. This must change, and every company needs to craft an explicit strategy to build an intelligent experience engine.
Most business leaders are dealing with the challenges of delivering seamless omnichannel experiences and mastering digital supremacy, and many are turning to BPO outsourcing companies to execute a range of their business processes. With award-winning Anexa as your outsourcing partner, you gain a carefully selected, experienced pool of human resources to manage your business activities. Anexa agents are specifically trained to assist with both the technology of your business, as well as the customer-centric focus that is so critical in supporting next-level customer experience.
Have questions? Reach out today for information on how Anexa can support your digital transformation.