Take a moment to think about how you might be categorized: your age, gender, location, profession, etc. Now think about everyone else who fits those same descriptors. Do your behavior patterns match theirs exactly? Do you have the same values, enjoy the same foods, buy the same clothes? Of course not. So why are marketers still treating customers as if they do?
Most marketers take a flawed approach to segmentation and analytics. Studies have shown time and again that, even with the most sophisticated big data technologies and data scientists, companies are only managing to leverage at most 10% to 15% of their relevant customer data. The processes take anywhere from several weeks to a few months and, by the time they’ve been completed, produce stale data that provides few insights. On top of this, marketers base their analysis on segmentation rules similar to the ones outlined above, leading to a simplistic and reductionist view of their customers.
A 360-Degree Solution
To offer any given customer what they actually want, marketers need a 360-degree view of who they truly are. Just because Jill and Ann are both lawyers, married, 36 years old, and live in Michigan doesn’t mean that an offer which appeals to Jill will resonate even remotely with Ann. Today is the era of Amazon and Netflix—platforms that offer tailored suggestions based on each person’s specific activities. Today, generalization is dangerous.
“Given that the personalization bar is so high, brands must offer only very individualized offers and communications that may alter customer behavior, instead of tracking behavior in the rearview,” says Abhi Yadav, Zylotech CEO. AI makes this seemingly impossible task a reality. By sifting through huge volumes of data, Artificial Intelligence can not only lock in on each customer’s behavioral patterns but also suggest actionable insights based on this information.
In this way everyone benefits: marketers increase revenue, and customers receive the offers they desire.
Visit www.zylotech.com to learn how we can help you engage with your customers in the right way, at the right time.