Almost three-fourths (74%) of online consumers get frustrated with websites when content is not personalized/related to their interests. – Janrain & Harris Interactive
The reality of customer engagement today is that the more personalised it is the better the experience and rewards therefore businesses that are adopting Artificial Intelligence (AI) are setting themselves up to outpace their competition by providing the personalised experience that keeps customers loyal.
Consumer Reactions
Personalised calls-to-action result in a 42% higher conversion rate than calls-to-action that are the same for all visitors. – Hubspot
64% of people say the customer experience is more important than price in their choice of brand. – Gartner
The Power of Artificial Intelligence
The power of AI lies in its ability to collect large volumes of data in real-time, recognise patterns and behaviours, learn from them and enable better decision making.
The world is overflowing with data and what really matters is ‘data with purpose’.
Purposeful Data: How To Get It And Use It
Patterns are created from segmented user data, allowing companies to find out what groups of users do in their online digital assets. However, the “holy grail” is to truly separate the individuals and understand a single customer, thereby ensuring that each customer is able to receive a very unique and personalized experience specifically tailored to their needs and wants. This is a feat that can only be achieved with embracing and using AI and Machine Learning.
Machine learning and predictive analytics are ushering in a new era of data utilisation and consumer intelligence, allowing businesses to define the behavioural paths of individual customers. Customer retention is proven to increase when you can personalise their user experience.
With AI, each customer touch point is not only documented and measurable in real-time, the process of analysing it can also be automated, allowing for a higher quality and quantity of business intelligence insights than ever before. These exact processes are digitally transforming a business into a powerful machine for stronger brand loyalty and revenue growth.
Gartner has named AI as the most strategic technology trend for 2017. C-level decision makers (Chief Executive, Chief Innovation Officer, Chief Digital Officer, Chief Marketing Officer) have to understand the power of AI to deliver an unrivalled level of personalisation throughout their customer’s journey. This can range from simple product recommendations based on past purchases, to websites redesigned in real-time to tailor to an individual’s interests and browsing habits.
Define your Digital Strategy
To drive exceptional customer engagement, a business must understand what the individual wants, needs and expects from their personal requirements. Businesses have to understand how AI can create these unique experiences and how to build these personalised customer journeys every time.
According to Gartner, they predict that in 2018 B2B companies who personalise their sites will be doing 30% better than those without personalisation. The benefits of personalisation through AI will see businesses have the ability to greatly improve the customer service interaction, promote consumer satisfaction, improve conversion to purchase, and see an increase in repeat purchases.
The Internet of Me
Instead of the Internet of Everyone, it’s becoming The Internet of Me. From mass generalizations to micro insights, from the generic to intimate, from broadcasting to narrowcasting. OpenDNA envisions a future where consumers have relevant and personalised online experiences through greater control over their data. It is a future where advertising, marketing, and recommendations are powered by smarter machines.
As more and more industries adopt AI, the technology’s value and impact to a business will become increasing clear. Business leaders must realise AI’s vast untapped potential and take charge in deciding how to shape their future digital strategy. The impact of these decisions will have far-reaching, long-term implications on the profitability and continued viability of businesses around the world.
Solutions for Businesses
Miramar, a leading Executive Search firm, are working with businesses in industries like manufacturing, TMT, energy and life sciences to define and shape their digital strategy to enable them to stay ahead of their competition. This begins with building passionate teams that are aligned on the vision and strategy of their digital transformation to ultimately deliver a platform for a more focused, personalised engagement with consumers.
Miramar has recently partnered up with OpenDNA to offer businesses the ability to better understand their customers to help drive personalised and relevant experiences for their users.
OpenDNA is the world’s most advanced AI platform for Business. It enables the understanding of an end-user down to an individual level and can drive better customer engagement, retention and conversion through the use of psychographic profiling technology.
This psychographic profile of an individual drives much deeper, informed relationships, delivering in turn better business outcomes, by reducing churn, increasing page views and session time, while delivering detailed customer segmentation.
The Future Is Here. The Future Is Personalised.
