The marketing landscape is shifting rapidly. After decades of fixed, persona-based personalization based on batch analysis of customer data, companies are now introducing short-term behavioral insights into their marketing strategies. This addition not only enables the ‘right offer, right time’ approach being deployed by numerous companies but has also evolved into real-time initiatives that go beyond offers, encompassing more customer-centric, relevant and helpful interactions.
Unlike traditional marketing, real-time marketing does not match a customer to a pre-determined offer; instead, it matches the offer or information to the customer in question. This reverses the typical approach to personalization to an even more tailored experience.
Often referred to as next-best action marketing, this predictive, customer-centric evolution drives sales and satisfaction among customers. Let’s explore what it looks like in action for businesses.
What is Next-Best-Action Marketing?
Next-best-action marketing is a real-time marketing approach that intelligently examines a customer’s historical engagement with a brand — transaction history, online browsing patterns, preferences, and more—in light of their current activity, context and mindset. This current context is determined by factors such as cart items, external events, location, and weather. Next-best-action marketing also accounts for the company’s sales and marketing goals. When analyzed in conjunction with one another, these various customer and business considerations determine the best action to take in order to encourage a transaction.
These “actions” can include offers, promotions, loyalty reward reminders, and recommendations via emails, calls, chats, or other forms of personalized engagement. Regardless of the format and channel by which the action is taken, it is specifically formulated to benefit both customer and company in real-time.
What Technology Does It Require?
In order to enable next-best action initiatives, companies require a new, innovative approach to marketing. A new stack is needed, one that enables them to interact with every customer in a hyper-personalized manner at scale.
This is achieved via a new generation of systems that leverage Machine Learning (ML) and Artificial Intelligence (AI) models to form real-time recommendation engines. As the system ingests historic and real-time customer data as well as enterprise controls, ML models predictively determine customer intent and formulate the best interaction; then, AI-powered tools go to work, ensuring that the relevant action is triggered on the right channel at the right time, no matter where customers are in their journey.
Next-best-action marketing is the key to enabling next-gen personalization, an advanced approach to tailoring customer experiences in real-time.
That’s why ZineOne, an innovative personalization partner with a new technology stack, offers AI-powered real-time personalization through its Intelligent Customer Engagement platform to enable next-best interactions. Learn more about how our in-the-moment intelligence powers real-time marketing results for companies like you.