Basics like quality service and fair pricing are no longer enough. Modern consumers demand the best customer service, personalized interactions and connected experiences across all channels. And the brands that deliver the best personalized offers will be rewarded with long-term customer loyalty.
Companies have relied on segmentation, but it’s not effective in reaching consumers on a personal level. Even though marketers are relying more heavily on demographics and other attributes to develop targeted messages, they are still not individualized enough to compel each customer into action.
By leveraging artificial intelligence and machine learning, marketers are breaking down the historical silos of customer data, so they can better understand what customers truly want. AI and ML also give companies the agility required to quickly analyze this wide-ranging customer data in order to gain the insights they need to capitalize on evolving customer desires and other factors.