October 20, 2016 at 8:11 AM
Your customers go through numerous milestones in their journey through your business: the initial interest, the first purchase and opening of an account, (hopefully) paying their accounts on time, maybe signing up for your loyalty programme (and being comfortable to tell you more about themselves).
In each of these instances, there is a chance to improve or worsen the relationship with your customer, resulting in quite opposite results. Much like a game of snakes and ladders.
Think of the winning square as being a very loyal customer who has no interest in forming a relationship with one of your competitors; the losing square is where they are about to take their business elsewhere. Make the right decision at the right time and the customer moves closer to the end square; make the wrong one and they slide closer to your competitor. How do you ensure your decisions along the customer journey lead towards loyalty ladders and away from snakes that sever ties to your brand?
Predict your customers’ next moves with data insights
In the world of advanced customer management systems, data is (or should be) very rich. Many insights can be drawn from this data that will help you to better understand what your customers want at any point in their journey with you. But as with most things in the world of data, things can get tricky quite quickly.
Assuming that the data feeds are stable and you are already drawing good descriptive insights, the next step is to use this data to predict what the customer is likely to want or do next and treat the customer accordingly. This data is constantly changing and setting up a system that tracks recent changes makes a lot of business sense.
However, you wouldn’t want ten “hens’ teeth” data scientists to be manually creating static predictive models from manually extracted data, would you? Surely you would want a system that is automated, reliable and is not onerous to run and can integrate with your operational systems.
Automating decisions that lead to loyalty ladders
There has been a lot of talk in the market around the benefits of Machine Learning. Through Machine Learning’s ability to regularly self-train from more data, better data driven decisions will be made possible, positively affecting more of the steps in your customer’s journey – i.e. more ladders and fewer snakes.
Many of the operational easy wins have been realised and now is the age of automated decisions that are good for you and your customers. So, if you’re in the Customer Loyalty game to win, consider Machine Learning as your path to glory. I invite you to read the following blog posts to get you started:
- How Marketers can use Machine Learning to Boost Customer Loyalty
- INFOGRAPHIC for Creating a Data-Driven Customer Loyalty Programme
- The New Science behind Customer Loyalty
- What is Machine Learning?
When you’re ready, give us a call to learn how we can build that winning path to Customer Loyalty for your business using data analytics and Machine Learning, or learn more about our Machine Learning as a Service offering, Genius.