"Personalisation as an approach is becoming increasingly anticipative. (…) Relevance and cut-through are becoming the drivers of purchase decisions and the cornerstone of a great Customer Experience" (CX) (KPMG).
Personalisation is becoming one of the most valuable components of most interactions. Understanding customer's specific circumstances and adapting the experience can be a difference between a failure and success. Companies with personalised customer service see a decrease in operational costs, more efficient call centre agents and higher levels of customer satisfaction and engagement (Forrester Consulting). Personalisation is a necessity to survive and thrive in the age of the empowered customer. 33% of consumers who abandoned a business relationship in 2016 did so because personalisation was lacking. (McKinsey)
While the use of a name or individualised attention is an excellent first step, only the knowledge of preferences and historical interactions can really set companies on a journey to make customers feel valued and more in control. There are several strategies businesses can adopt. One of them is the use of AI to support Personalisation Strategy.
How AI is Influencing Personalisation and What Benefits It Brings for Businesses
AI as new technology is speedily flourishing and offering significant growth opportunities to businesses. The use of AI is becoming central to facilitating data challenges so that companies can deliver their objectives and satisfy their customers' needs. To efficiently utilise AI, businesses require to employ a range of tools that get along, construct, code and manage information with machine learning set of rules.
History Makes Better Future
While automating the communication is essential, use of systems being programmed to analyse data from interaction history and dealing with inquiries as per requirement gives an edge to businesses in the marketplace. Empowering your CX agent with the information they need to provide the most efficient service possible should consist of access to a consumer's history, preferences and records of past interactions. The combination of AI and human interaction save the frustrating task of repeating information already shared with the company in the past. Shorter chats, calls and email exchanges mean more cases closed and more satisfied customers. Customer and Employee Satisfaction Scores will sore, ultimately improving the bottom line.
AI Knows You
Most organisations around the world declare that they seek to swap, incorporate and force unused data lying within their company's functions. Securing and demonstrating user activity is a vital element for tailored services. Not only that using AI, customer preferences are better understood by the cooperate sector, but also customised content is offered and thus informed decisions are made. Companies that provide better customer experience observe increased conversion rates as well as better Customer Satisfaction Scores. AI is terrific in the perception that it foresees results centred on data assessment. This is essential can be used in assisting businesses to make short, medium and long term decisions.
By curtailing human inaccuracy, AI knowledge improves production in work. By eradicating a lot of the human calculation, AI as well as lessens related expenses. It enhances bottom-line growth. As technology slowly grow to be further conventional, AI is similarly paving ways into various areas, for instance, business and marketing. The banking and insurance sectors have openly embraced AI, making it feature of its consumer-tackling procedures, and employing it to construct distinctive machine-based bots to report clients' regularly asked queries and banking requests.
AI is having a major impact on the value chain around consumer assistance and retention. Businesses need to evolve their definition of personalisation – from tactical segmentation to strategic individualisation. As of today, most organisations still have a long way to go to reach this next level of maturity. Despite the clear benefits of personalised customer service, only 5% of companies said they were implementing customised experiences regularly (Forrester Consulting). Let us demonstrate how
Personalisation is becoming more pervasive. Only by acting today, however, can companies hope to be in a position to deliver value to both their customers and their brands.
Lokulus recognise that developing a personalisation is a journey. The hardest part is just getting started. But in our experience, most companies have more than enough data and people to get value right away. Our hands-on approach quickly helps businesses to develop real experience and expertise and make better decisions about people, technology, and investment.