Nobody wants to be bothered with irrelevant offers, emails, or texts, but we all love to see product offerings that fulfill our needs and solve our problems. While most businesses like to think they are offering a tailored solution, they often resort to generic and standardized practices that many customers dislike.
Why? It’s perceived to be much easier to scale with a lower capital investment needed.
That was true around 20 years ago. In this era of intelligent technologies, Automation (AI) and Machine Learning (ML) have bridged the gap between personalized experience and scaling a business. And it’s easier to get started than you think if you begin with the data you have.
What is Personalization?
Personalization is one of the best strategies to WOW customers, drive excellent user experience, and foster brand loyalty. This strategy focuses on satisfying customers’ unique needs by delivering tailored, meaningful, and relevant business offerings. Creating a personalized experience ensures that you understand your customers and help them become successful while using your products/services.
Fun fact: A study by Epsilon Marketing shows that 90% of customers preferred a tailored experience, and 80% are more likely to do business with companies that understand their unique needs.
Benefits of Personalization
- Stand out from the crowd
- In today’s marketplace, having a good product or service is not enough. In the digital age, consumers have become accustomed to getting what they want. People gravitate towards brands that understand and recognize their individual needs.
- Boost retention and brand loyalty
- Customers are more likely to stay and become loyal to brands that care and understand them. In other words, delivering a personalized experience leads to exceptional customer satisfaction, turning customers into loyal fans.
- Increase revenue and conversion
- Satisfied customers tend to spend more to upgrade and are willing to explore other relevant offerings. In addition, they will become your top referral sources telling friends and family about the incredible experience they have with you.
How to Achieve Personalization At Scale?
Personalization is critical for success, but you can’t look at each customer account and send out individual emails with a tailored offer (that would take months!). This is where technologies come in.
A scalable solution to deliver a personalized experience is Customer Intelligence. Customer Intelligence (CI) allows businesses to unlock deep customer insights by turning raw data into actionable insights. CI helps leaders and employees to understand customer behavior in a detailed manner. Such robust information will help firms grow net dollar retention (NRR) by eliminating churn and capturing early expansion opportunities.
Uncover Customer Intelligence for Your Business
Unify Messy Data:
When it comes to data unification, you want to collect both quantitative and qualitative data.
- Quantitative data comes from in-product analytics such as product usage, time spent, log-in frequencies. These numbers demonstrate the customer behavior and commitment to your product.
- Qualitative data include texts, Salesforce notes, emails, survey feedback. This information provides insights into customer sentiments and their connections to your product.
Having both types of data will allow AI and ML to perform deep analysis to uncover the holistic view of your customer profiles.
Calibrate CX Metrics:
Once customer data is collected, it’s time to leverage Customer Intelligence. Forbes has identified 9 most critical KPIs to measure, especially for SaaS firms:
- Product usage
- Net promoter score/customer satisfaction score (NPS/CSAT)
- Customer interaction frequency
- Support tickets
- The severity and tone of support tickets
- Upsells or downsells that relate to increased or decreased revenue from each customer
- Customer Life Cycle
- Renewal sentiment
- Customer owner pulse
These are powerful KPIs that help to unlock predictive and prescriptive customer insights. While not all companies have the data for these categories, the more you collect, the more accurate the actionable insights become.
For complete automation with actionable insights, involve.ai’s CHIA model has one of the most intelligent algorithms. It was trained on 120 million data points of industry best practices. Hence, customer insights yield 86% accuracy within the first two weeks and grow to over 90% as early as 60 days.
Seize All Your Growth Opportunities
You are ready to accelerate your revenue growth with Customer Intelligence and scaling your company. CI gives you a full view of the past, current, and future performance of customers. A key difference between CI and other CS tools is personalization at scale. CI can show you in-depth account details with actionable recommendations to turn at-risk customers into raving fans. You are now in complete control of your business success, drive net retention, and boost brand loyalty.
As incredible as AI and ML can be, you still want to give the technologies feedback to perform even better. These feedback loops allow the data models to recognize correct predictions while self-correcting their algorithms to improve accuracy.
Personalization is really a win-win for customers and businesses.
Thanks to Customer Intelligence, understanding customer behavior and providing personalization at scale has become possible to businesses of all sizes.