More than ever before, it is the customer’s choice today that determines a brand’s or a company’s destiny. In an era of an increasingly mobile, dynamic and connected global world, customers are rapidly redefining markets in more ways than anticipated. Companies are recognizing this shift in mindset from reactively transacting with their customers to proactively earning customer loyalty. These businesses must ‘be there’ where customers are and ‘when’ they need them. For this, they are implementing Predictive Customer Intelligence (PCI) solutions leveraging the remarkable recent advances in Information Technology (IT).
By providing a 360-degree view of customers, IBM Predictive Customer Intelligence (PCI) ensures that all customer interactions are coordinated, optimized, and effective. PCI can quickly sift through a wide range of customer information to provide insight and determine the “next best action” for individual customers at critical points in the customer experience. This enables companies to maximize customer satisfaction, loyalty and increase sales and profits.
Science and technology continue to profoundly transform and disrupt the marketing function. Marketers are continually challenged to battle for today’s empowered consumer’s attention in the midst of changing demographics and a multitude of available market channels.
Today, customers demand a highly personalized experience and have the exceptional flexibility of choice. Using online, social and mobile interactive channels, they express and share their opinions at lightning speed, directly influencing other stakeholders and prospective buyers in their path-to-purchase cycle. Often, these opinions multiply and magnify through social media, rapidly affecting a company’s future branding.
To attract and retain an increasingly empowered customer base, organizations must:
- Predict and identify customer behavior and patterns to build customer loyalty, drive product/services innovation, boost sales, and make marketing effective and efficient
- Be aware of the cultural nuances of their clients and their personal preferences
- Deliver consistent, speedy, seamless and engaging experience across all channels
- Implement integrated holistic customer relationship management solutions.
For over a decade, companies have used Customer Analytics to leverage their vast structured transactional enterprise data from their Systems of Records to answer key questions such as: what products/services to develop and sell; and how to price them? Which products to discount and when? How to maximize customer reach, retention and lifetime value, and so on? The increasing use of smartphones and social media is transforming the speed and scope of the Customer Analytics process and also causing the rise of unstructured “Big Data” in Systems of Engagements. About 85% of data is unstructured and originates from audio, documents, emails, images, RFID, social media, video, weblogs, weather data, etc.
Predicting Customer Intelligence from Systems of Records and Engagements is a game-changing opportunity to deliver an exceptional personalized customer experience, enhance marketing effectiveness, improve client retention, service quality and increase top-line and bottom-line growth.
“Every company has massive amounts of data – it is what one does with that data – such as providing relevant dashboards, click through deep dive actionable reporting and analytical insight that can foster a competitive edge” – Menka Uttamchandani, Vice president of business intelligence, Denihan Hospitality