As a marketer, you are able to gain greater results when you work with more detailed and dynamic information on each individual customer, rather than treating them as members of broad segments at a single point in time. For next best offer marketing to work, your marketing strategy needs to transition from “segment of one” to “segment of many” so you can improve marketing offer precision and relevancy.
Next best offer marketing is about directly interacting with the individual customer to deliver the next best step(s) that will benefit them enough to ensure that they continue to interact with your company. You have to make the right offer, and do it for the right person at the right time, through the right channel. That’s the heart of next best offer marketing. When you put your customers’ needs at the center of your organization, and your decisions revolve around them individually, you become customer-centric.
Because of this, providing generalized decisions needs to be replaced with personalized and timely decisions. You need to use everything you know about the customer to deliver the most consistent customer experiences across all channels. But, the longer it takes for the customer to get a response, the less value you and the customer get out of the interaction. You need to utilize responsiveness in your decision-making to bring the offer closer to the time of decision making.
Execute Next Best Offer Programs with the Right Technology
In order to be able to deliver personalized next best offers, you should look at technology that gives you an ongoing understanding of the customer at the individual-level. It should not only let you comprehend real-time information about all your customers’ behaviors, habits and background, but should also apply rules to ensure that offers are accurate, timely and relevant. The power of this kind of technology, from a marketing standpoint, is that it analyzes the various potential offers for individual customers and selects the best one. The most comprehensive technology gives you access to each and every customer’s preferences, behaviors, affinities, context, purchase history, and more, and can match those to the right product, service or action for that customer at the right time.
In order to understand your customers, you need to have access to all your data, from all possible sources. The data should be analytically enriched to provide insights that drive decisions. Policies, regulations, best practices and preferences must all be considered to make consistent, precise, real-time decisions about offers across all channels. The solution should be able to learn continuously so it’s always adding in new data, in real-time, to be able to connect the most relevant offers to the proper customers. Monitoring how a customer’s behavior has evolved over the course of their relationship with your company is critical in understanding just which offer is the right one to make in a timely manner.
For further interest:
NGDATA helps brands in data-driven industries, such as financial services, telecom, utilities and hospitality, to drive connected experiences. Our Next Generation Customer Data Platform, Lily™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences for companies, such as Belfius Bank, Innogy and Telenet. NGDATA is headquartered in Gent, Belgium and has offices in the United States, Europe and Asia-Pacific.Learn More...