Know what customers want before they do

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Know what customers want before they do

Customers are increasingly frustrated by the generic offers they are bombarded with from marketers, and most marketers continue their "spray and pray" mass marketing techniques of the past, seeing little reason to change. But today's consumers and B2B companies only want interactions that are relevant, personalized, and based on a customer's situation and preferences. Companies that fail to provide relevant offers will be left behind. Creating customer loyalty requires using data and sophisticated analytics to create highly customized "next best offers" (NBOs) that reflect each customer's preferences, purchase history, and purchasing context. When done right, NBOs can increase cross sell/upsell opportunities, boost profits, and create competitive advantage. A framework for creating effective NBOs for B2C and B2B companies consists of: defining clear NBO strategic objectives; gathering data from a wealth of internal and external sources; analyzing this data and then executing NBOs; and engaging in continuous experimentation and learning. Despite the effectiveness of this framework, few companies are using it, providing an opportunity for those that do to engage in even better, more precise, more effective marketing.

 

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