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Transcript of Christopher Nash at WebTomorrow about
Creating Lifetime Customers Using Machine Learning and Predictive PersonalizationWEBTMRRW15 – March 10, 2015
Presented by // Chris Nash @chrisnash
Senior business optimization consultant & Co-author Connect
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What happens in a “web today”
minute?
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Millions of customer experiences
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But often low qualitycustomer experiences
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What aboutthe “web tomorrow”
minute?
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Accurately anticipatethe needs of customers
– in the moment –based on
predictive technologies
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Customers reveal digital preferences – data – as
they make decisions “in the moment”
Customers seek relevancy Brands = experience architects
Brands must create relevant experiences by anticipating next best action
Customer experience – Decision journeys
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Two Predictive Technologies
Predictive Personalization Machine Learning
Recognize in-the-moment behavior and behavior patterns
Big data technology to analyze the past to predict the future
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Persona Profile Product Profile
In-the-moment, predictive personalization
web
mobile
social
apps
commerce
Act on in-the-moment
behavior
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Profile pattern match Profile pattern match
Single view of individual customer
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Machine Learning Using Customer Experience Data
Unstructured Customer Experience Data Synthesize
Data
Train the System
LearnPredictions
Evaluate & Refine
ProvidePredictive
Data
APIAPI
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What if you combine these two
capabilities?
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API
Predictive Personalization
ML Predictions
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Possibilities
Commerce
Predict the next product to sell based on in-the-moment relevancy and cohort analysis
Online Advertising
Predict the next online ad to display based on in-the-moment relevancy and cohort analysis
Content
Predict the next piece of content and call-to-action to present in the relevant channel
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10 top bank in Russia
Consumer, Private, Commercial, Business banking
Uses predictive personalization to increase sales of consumer loans
Boosted conversion rate for completed consumer loan applications from 4% to 24%
PS Bank
4% to 24%
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Retirement savings fund
2.1 million members; $75B assets
Uses predictive personalization in combination with predictive data to increase member self-service and grow member satisfaction
Boosted use of personalized online self-services conversions by 250%
AustralianSuper
250%
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Tips / Takeaways
Don’t: “ask for marriage on the first date”
Do: understand consumers’ basic drives —“universal human truths”
See: The Ultimate Marketing Machine350 CEOs, CMOs, and agency headssurveys of 10,000-plus marketers from 92 countriesHarvard Business Review JULY–AUGUST 2014
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Tips / Takeaways
Take a phased approached to CX relevancy
..
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.If-then personalization
Simple data merge
Algorithmpersonalization
Systemic algorithmpersonalization
Machine Learningpersonalization
93% of companies using personalization experience sales increases*Econsultancy 2014
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Optimize
Nurture
Engage
Initiate
Radiate
Align
Lifetime
CustomersAssess your organization’s customer experience maturity
Tips / Takeaways
www.ConnectTheExperience.com
Take simple CXMM assessment
Download first 2 chapters for free
