The new customer manifesto being shaped by best-of-breed companies today like Netflix and Amazon tells us what customers are beginning to expect from all companies:
This customer today has easy access to multiple competitive offers, and the only way to win and keep them engaged is to:
Accomplishing this requires a close interweaving of Customer Actions and required Organizational Actions (across Marketing, Sales, and Customer Service) along the journey.
Here’s a model we call the Customer Experience DNA (CxDNA) model that represents this journey –
Delivering expected new levels of customer experience—relevant engagement, personalized offers/recommendations, at scale, and in real time—is nearly impossible without the use of automation and AI.
While AI was merely buzz a few years ago, today several leading-edge companies are using various AI technologies (Machine Learning, Natural Language Processing (NLP), Computer Vision, and others) to enhance Customer and Organizational goals along the customer journey – creating a win-win situation.
Let’s see how AI enables the three main functional imperatives within the CX journey –
AI technologies enable high-speed stitching of customer profile and activity data across the omnichannel, driving better customer insights, better profiling, and dynamic segmentation – which in turn enable more relevant marketing communications and targeting with offers and recommendations.
The use of AI and automation drives better lead qualification, better personalization of offers, reduced deal slippage/cart abandonment, improved conversion, and higher customer lifetime value with better products service offers on a continued basis. Tying deep customer insight with offer-stitching in real time greatly improves chances of conversion.
The greatest use of AI has been in the area of customer service management, specifically in terms of virtual assistants like chatbots answering large volumes of routine queries, problem-solving for the most common issues, and providing personalized recommendations – without any manual intervention.
According to a study by Juniper Research, by 2024, AI-based support channels will save consumers and businesses over 2.5 billion hours and support 95% of customer interactions.
Think about your customers’ journey and map the journey using the CxDNA framework. Keep in mind that you will need to create a customer experience map for each of your key customer segment personas.
Next, identify the chief pain points for customers and the key leaks in the customer funnel for your company. This will help you pinpoint the most promising use cases of AI.
Once you have identified a few use cases, set up a pilot AI initiative. Remember the mantra – think big, start small and scale fast. Start with a proof-of-concept and improvise based on customer feedback. Over time, you will be able to scale your initiatives and integrate your AI competencies across the customer funnel.
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