3 Tenets for personalizing your enterprise
CX is not about a survey, a persona, or demographics, it is about a customer’s
journey with you as their vendor. It includes all digitally recorded customer data &
events such as transactions, marketing responses, surveys, and others. Across
multiple verticals, 80% of the predictive power for future revenue comes from these
customer journey events. Starting with measuring your customer’s commitment to
your brand and working through multiple CX and revenue KPIs, you build your
personalized understanding of your customers.
Metrics can only go so far. The follow up is what to do next? Omnichannel
convenience means customers decide what channel and when they transact. The
ultimate personalization challenge is a digital customer where measurement and
recommendation must be made in real-time. Marketers, sales reps, and
support agents all want to know what offer to make to prevent churn or win an
upsell, or even what product to cross-sell. Using state of the art tech such as
reinforcement learning and operations research will lead to the best outcomes.
Enterprise has excellent choices in providing data for CX metrics & NBAs. Digital
speed is the defining criteria for the personalized enterprise. Near real-time
customer decisions require high-quality data to eliminate unforced data errors. CX
systems must then access a customer’s current data, score the new “customer
situation”, determine the best action, and deliver it for execution. The systems that
provide for the most personalization & the biggest lift across all KPIs are heavily
automated and use the latest computing & AI technology.
In business, we all have heard of Peter Drucker’s famous “measure it” mantra outlined below.