A form of predictive analytics, Next Best Action analytics software (also known as Next Best Offer) aids marketers in determining consumer spending habits and creating outreach campaigns to connect with them. Next Best Action analytics also increases the likelihood that customers will purchase products or services because its technology tracks customers’ behaviors, habits, affinities, searches, and more to make offers that most likely will resonate with them. Simply put, Next Best Action analytics software helps companies attract the best customers, offer products and services they want, and personalize offer recommendations.
The power of Next Best Action platforms from a marketing standpoint is that it is customer-centric. The analytics software analyzes the various potential actions for individual customers and selects the best one. Thanks to real-time capabilities of Next Best Action software, marketers and their organizations have access to a customer’s preferences, situation, purchase history, and more and can match those to the right product or service for him at the right time; thus, they can make relevant, personalized offers to customers that are most likely to push the customer to purchase more.
In fact, some studies have found that personalized upsell or cross-sell offers are 30% more effective when delivered within two seconds of a customer making an initial product or service selection. But, only those organizations that choose leading Next Best Offer Analytics software like NGDATA’s AI-powered CDP gain a complete understanding of customers from all data sources; others fail to deliver optimized actionable insights because they do not aggregate all of the necessary customer data for making a truly data-driven next best offer.
NGDATA’s CDP is a customer experience management platform that empowers enterprises to listen to all customer interactions, learn from behavior and contextual information, create effective actionable insights, and execute on those insights to make the personalized offers customers expect and love.
Learn more about NGDATA’s AI-powered CDP, the leading customer analytics solution. Or, get in touch with an NGDATA representative via email or phone to learn how NGDATA’s CDP can help you gain next best offer insights from your customer data.
The Advantages of Using NGDATA’s AI-powered CDP to Deliver the Right Offers at the Right Time
While organizations in every industry can benefit from the insights delivered by NGDATA’s CDP, financial marketers especially need NGDATA’s Next Best Action analytics software, as recent research shows. According to the 2016 Digital Trends in Financial Services study, 62% of respondents indicate a single customer view is a top priority in the advancement of digital maturity, but 88% of marketers lack a holistic customer view. Additionally, Econsultancy reports that 91% of marketers use different platforms and disparate data to engage with customers.
Organizations are looking to increase retention rates, improve customer experiences, and deliver better returns with one-to-one marketing and optimized offers, but they cannot do so if their data is in silos or is failing to give them a 360-degree view of their customers in real time. NGDATA’s CDP is a leading Next Best Action solution for marketers because it gives organizations the individualized customer intelligence needed to interact in completely customer-centric ways by aggregating all customer data from every available source, no matter where it resides. NGDATA’s AI-powered CDP also becomes more intelligent as more data sources are added.
The NGDATA CDP then turns all of your customer data into powerful key metrics, which represent detailed information about the customer. All of the Customer DNA metrics are calculated in real time, and the platform maintains historical values at all times as well. In fact, the NGDATA CDP’s metrics go beyond those of other Next Best Offer solutions by including contributed, calculated, and predicted customer-level scores based on behaviors, preferences, context, affinities, opportunities, value, and more. NGDATA’s CDP continuously updates Customer DNA so that marketers have consistently optimized insights without needing to waste time duplicating data integration, collection, or preparation efforts.
Learn more about NGDATA’s AI-powered CDP, the leading customer data and analytics platform. Or, to speak with a representative of NGDATA for more information, contact us via email or phone.
Know Your Customers at an Atomic Level with Customer DNA to Optimize Next Best Actions
A complete understanding of customers increases an organization’s chances of meeting their needs and expectations on every channel and at every touchpoint. This knowledge must be based on customer data that is complete and gathered from all sources. Getting an atomic-level view of customers requires NGDATA’s AI-powered CDP because it creates individual customer profiles that reflect facts, habits, intents, and preferences that result in more precise targeting and next best offers.
The only way to know customers at the atomic level is with Customer DNA, which is available in real time. Comprised of a configurable and scalable library of thousands of pre-defined and client-specific metrics that describe all customers in intricate detail, Customer DNA combines data from multiple sources and generates new insights so that you can use next best action and next best offer recommendations. NGDATA’s CDP also enables organizations to detect channel preferences for each customer, so users are able to build omni-channel customer profiles like no other. Engage with customers at every stage of the customer lifecycle with Customer DNA to increase revenue from existing customers via upselling and cross-selling and avoid churn and increase retention.
With NGDATA’s AI-powered CDP, organizations and financial institutions are able to transform each customer into a segment of one rather than a segment of many to improve next best offer precision and relevancy. NGDATA’s CDP enables organizations and financial institutions to put the right technology in place to gain a complete understanding of every customer and then decide on and recommend the right actions to take at just the right time, thanks to the complete, actionable view of each individual customer that Customer DNA delivers.
Learn more about NGDATA’s AI-powered CDP, the leading customer data and analytics solution for enterprises from NGDATA. Or, to speak with a representative of NGDATA for more information, contact us via email or phone to learn how NGDATA’s CDP can transform customer data into next best offer insights.