Digitizing, personalizing and improving customer interactions is critical to business growth, customer retention and market engagement. Executives want to ensure that every interaction with every customer adds value – they want to deliver the next best action for each customer, each time. And they need to deliver the next best action across a portfolio of existing systems and evolving channels at a reasonable cost.
Different from traditional upsell or cross sell campaigns based on segmentation or one-size-fits-all campaigns, next best action programs leverage decision modeling, predictive analytics and business rules technology to create a dynamic view of the customer that automatically customizes the next best action for each individual customer interaction.
Industry thought leader and Principal Consultant James Taylor, CEO of Decision Management Solutions, presented examples from customer next best action programs in financial services and insurance. Learn how these successful programs:
- Adopted the decision modeling requirements technique to define the next best action.
- Used business rules technology (BRMS) to make it easy for the marketing team to update the program without involving IT.
- Deployed predictive analytics on their customer data to create the right message or offer.
These 3 keys are a proven framework for success in customer next best action programs.