In the end, every company is all about selling its products or services. However, it is becoming increasingly difficult to sell products or services due to the large amount of competition.
You have to pull out all the stops to keep your customers happy, because there are always competitors lurking around the corner. Marketing is therefore not only about getting customers, but also about keeping them.
In this article, we will discuss how to retain your customers and persuade them to stay with Next Best Action Marketing and AI. But first, we'll take a closer look at the importance of human characteristics for your customer approach and how the current market works.
Key human characteristics for the best customer experience
If you have any experience in marketing, you know that knowledge about your customers is important. If you know what they want, what their interests are, but also how they behave, you can apply a targeted marketing strategy.
We bet the following two statements apply to you.
- You appreciate it when someone has made an effort to get to know you and knows exactly what suits you;
- Your time and attention are scarce, someone has to work very hard to get them or you just can't give them.
It is important to recognise these innate human qualities. Of course you have to deal with your customers in a business-like manner, but let them know you have made an effort to get to know them. Give them the feeling that you have time and attention for them, build a healthy business relationship. This way you will discover more quickly what your customers' needs are and what drives them in their choice process.
Growth in marketing channels and reduced attention span
In recent years, the number of marketing channels has increased, resulting in a shortened attention span of consumers. Think, for example, of social media. On Facebook and, for example, Instagram, people are bombarded with advertisements and content. There is so much of it that people just scroll past it in most cases.
We live in an omnichannel, data-driven world where everyone wants to be satisfied immediately. People seem to forget that not everything is perfect. So companies are facing an ever-increasing challenge.
As crazy as it sounds, nowadays it is not just about the product and the price, for many people it has to be an unforgettable customer experience. It is safe to say that with all the conveniences of life today, we have become spoiled creatures. We demand that little bit extra.
We probably don't need to explain to you that every customer is different. What is that extra something that your specific customer expects? You can find out by building up a specific customer profile. Once you have this specific information, you can respond to customer behaviour. At that moment, you can apply Next Best Action Marketing.
What is Next Best Action Marketing?
Next Best Action is also known as NBA and no, it has nothing to do with the biggest basketball league. The name, of course, gives it away: "what is the next best action?
In this case, the step to get customers to buy or remain loyal to your company.
The Next Best Action strategy refers to machine learning: predictive algorithms that help companies find patterns of behaviour in their customers.
- For example, how does a customer react to the different contact points?
- What actions help to convince the customer?
A client's behaviour is always changing, this may be due to a positive or negative change in their living situation.
Thanks to AI, such a change in behaviour is recognised earlier and more easily, and the data from this change in behaviour feeds the algorithm and makes it smarter and more effective.
Software calculates options based on this behavioural data. It can tell you what the best channel is for delivering the best message, it even lets you know what the best moment is.
What are the benefits of Next Best Action Marketing in combination with AI?
As we said, it is important to get to know your customers, but also to build a good relationship with them. If you are a company with a small customer base, you can do this manually. In case of a large customer base, it becomes a bit more difficult.
Time and attention are scarce; you have so many aspects within your organisation that relate to your customers but which you are not always aware of. Think of the invoice that the administrative department sends, or the telephone contact with a receptionist. All customer contacts that colour the customer experience.
By combining Next Best Action Marketing with AI, you get so much information about your customers, without having to invest a lot of time and attention. This time and attention can be used for other important aspects of your business.
Combining Next Best Action Marketing with AI will not suddenly increase conversion by, say, 200%, but it does influence conversion. Keep in mind that the system sometimes makes a mistake.
In addition to saving time and attention, NBA also provides cost savings. Just think of the optimisation of marketing expenditure. Thanks to machine learning, you know better what the ideal marketing mix is and optimise the use of your media budget in relation to the conversion rate. This way, you create more efficient marketing campaigns.
Next Best Action Marketing with AI applied to your business
So, combining Next Best Action Marketing with AI brings enormous benefits. In practice, a mix of NBA with AI combined with the personal knowledge and expertise of marketers and sales people works best.