Today’s consumers are overwhelmed by a constant deluge of advertisements and promotions. They are tired of the noise and fatigued by all the product options. They increasingly desire the personalized attention they get from Amazon, Netflix and other brands they interact with.
We are living in an experience economy where mere goods and services are no longer enough and all businesses must orchestrate memorable events for their customers. The real currency is time and the best value is memories.
Customization is how to transform simple products and services into personalized, memorable experiences and companies doing this have seen a 15-20% reduction in repeat service visits, a 10-20% boost in cross-selling and a drop of 10-25 basis points in churn according to Harald Fanderl (“Don’t Let Data Paralysis Stand Between You and Your Customers,” From Data to Action: a Harvard Business Review Insight Center Report)
Machine learning is the science of helping discover patterns and relationships in data. It’s a powerful tool for creating personalized and dynamic experiences and it’s driving everything from Netflix recommendations to autonomous cars.
Predicting customers’ future behaviors and needs often turns on the ability to parse their emotions, more than just their past purchases, and create a shared bond with a brand.