Strong marketing performance is dependent on data analysis and customer insight. But often marketing needs to wait for business intelligence and analyst teams to produce insights, models, and segmentation before they can act. And, models need to be updated 2-3 times per year. This leaves marketing working with “out of date” insights that don’t account for the latest customer behavior or channel preferences. In an on-demand customer driven environment, “out of date” insights hinder marketing’s ability to increase, or even maintain, campaign performance.
Increase Marketing Performance with Real-Time Data Analysis
There is a lot of chatter across the marketing industry about machine learning. The truth is machine learning is an advanced tool that enables marketers to leverage real-time data for greater insights. It, quite simply, solves for problems using patterns we cannot see. It helps us drive increased marketing performance by giving us access to real-time data analysis that we humans do not have the capacity to compute.
1. Better personalization
Machine learning will rapidly analyze and learn from high-volume, varied and detailed data — whether structured, unstructured or semi-structured. This increases our ability to segment the customer into segments of one, at scale. The ability to personalize specific recommendations and next best offers, and deliver them in real-time, allows us to lead our customer more reliably through their journey. The result? Increased revenue.
2. Better customer service and support
Machine learning recognizes patterns in customers’ past engagement and actions. By doing so, it helps us know who they are and how we can best support them on their journey by interacting with them at the appropriate time and in whatever channel, with messaging and actions personalized to them. According to Forrester Research, customers will pay more for a better experience. The personalized experiences you create are welcomed by your customer. That customer is now more likely to engage further with your company, increasing the probability of greater loyalty. Your customer lifetime value increases along with customer satisfaction.
3. Increase relevancy
Machine learning customer segmentation models can be used very effectively to increase relevancy. They can segment customers into small, homogeneous groups who have similar behaviors and preferences. This allows marketing to create greater relevancy by delivering messaging that are in sync with customers’ preferences and wherever they are in their lifecycle. This translates to being able to steer customers more accurately through their lifecycle to a positive action.
4. Increase conversion
Machine learning’s ability to provide predictive analytics increases the likelihood a customer will convert by supporting real-time interactions across multiple channels.
5. Forecast customer lifetime value
By finding patterns in past customer behavior and optimizing our analytics machine learning helps us predict a customer’s journey and thus their lifetime value. This improves efficiency in resource allocation, campaign management, and ROI forecasting.
With machine learning we can adapt and evolve our strategies and campaigns quickly, and accelerate our ability to interact with each customer by using all our data efficiently and effectively. To find out more about how to take advantage of machine learning to increase your marketing effectiveness download our newly published eBook; The Value of Context, Cross-Channel, and Real-Time Capabilities: Advancing Marketing’s Productivity.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.