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. 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 method, in hopes of learning as much as possible about their customers.
Data Collection Isn’t Helping Marketers
A BCG 2018 report on brands’ digital maturity substantiates the trend of company data collection, 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. However, it’s simply not enough anymore for brands to only collect 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 real-time customer behavior, but is able to predict it as well.
AI and Predictive Analytics Make Marketing Easy
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 that drives lifetime value for every customer. With AI assistance, marketers can scale their efforts with ease and deliver greater personalization through quicker processes.
This is possible with the use of algorithms that “learn” with each new interaction, giving companies the ability to analyze customer data in real-time and accurately create segmentation down to the individual level. This saves marketers time from having to gather data from disparate sources and then pour hours into evaluating it. Smart segmentation is just the first step toward how AI simplifies the creation and delivery of loyalty campaigns.
With AI, brands can optimize so much more, including incentives, time of delivery and preferred channel for delivery. That’s why Punchh continues to build its AI capabilities to help marketers deliver valuable 1:1 experiences. Want to see how the AI-powered Punchh Loyalty and Engagement platform can impact your business? Contact us today.