Companies in every industry are the champions of data these days. They are sitting on data streams from various sources such as POS systems, mobile apps, social media, ecommerce, offline and more. And marketers have gotten savvy by using apps, location tracking, and free Wifi sign-ins to start the process of tracking everything from customer preferences to what time of day a guest visits to his or her payment choice, in hopes of learning as much as possible about their customers.
A BCG 2018 report on brands’ digital maturity supports this trend, finding that four in five brands can access a wealth of data from multiple sources. However, despite the fact that companies are capturing more data and acknowledging the value of data, Forrester reports that up to 73 percent of all data within an enterprise goes unused by analytics.
That’s because for many companies their level of business technology stops at the collection of customer data. It’s simply not enough anymore for brands to only collect and process data if they want to thrive in today’s crowded industries. They need the ability to foster loyalty through a data-driven strategy that is not only informed by customer behavior, but predicts it as well.
Now, brands need a digital platform that offers AI/ML tools that can extend their analytic capabilities to positively influence brand frequency, recency, and spend and drives lifetime value for every customer. This is possible with the use of algorithms that “learn” with each new interaction, giving companies the ability to analyze customer data to deliver real-time, accurate segmentation down to the individual level. These customized offers tailored to each consumer can then be automated for delivery, which significantly reduces marketers’ time and truly supports the vision of innovative, personalized loyalty.
To understand more about the role AI/ML plays in delivering brand loyalty, download the ebook – Win at B2C Loyalty: Strategies to Get Ahead of Customers’ Expectations with Artificial Intelligence and Machine Learning
You’ll learn how AI/ML:
- Turns multiple types of data into actionable insights
- Uncovers customer risks and opportunities
- Delivers real-time individual customer offers and interactions
- Takes loyalty marketing to the next level
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