Better CX: Technological Approaches to Influence Customer Experience in the Next Few Years
Modern digital companies, regardless of the segment, face high competition in the market. This forces them to join the battle for customers’ focus in the information space, find new tools to influence potential customers, effectively interact with the existing customer base to establish long-term relationships with the consumers.
The over-saturation of media space with a plethora of repetitive messages results in decreased effectiveness of campaigns, which in turn leads to a higher Customer Acquisition Cost (CAC). However, consumers are becoming more demanding, and traditional direct advertising methods may cause negative reaction, leading to the opposite of the expected effect ⎯ a lower sales funnel.
For this reason, brands want to know their customers better, build Customer Journey Map (CJM), and integrate sophisticated IT tools to create unique customer experiences (CX, Customer Experience), communication and better customer interaction. The use of modern technologies allows one not only to deeply study, but also specifically segment the target audience, as well as to predict the moment to make the most relevant customized offer to a particular customer.
Based on its practice and global trends, Russian IT developer, digitization and business development partner Bercut identifies the following approaches to technology, which will help improve the CX, increasing conversion and customer loyalty in the coming years:
- Event-driven real-time marketing (RTM) implies responding to customer events in real time. This is a personalized approach where the key role belongs to patterns based on customer data, their preferences, and customer events in the environment that the company can monitor. That is, in the company’s and partners’ IT systems.
- Omnichannel approach, combining all customer communication channels (e.g.: website, personal web profile, app, messengers and social media) into one integrated and interlinked system for more effective impact, engaging in regular brand communication, improving user experience and driving targeted customer behavior.
- Using artificial intelligence (AI) and machine learning (ML) for automation of interaction processes, better and deeper processing of customer data, and predicting customer behavior.
It has been proven that modern approaches and technologies contribute to the companies’ overall profit growth. By increasing loyalty and providing a unique user experience, businesses encourage customers to purchase additional services/goods, ensure growth in average revenue per service consumer, and increase their lifetime in the brand ecosystem.
Tools to Improve Customer Satisfaction and CX
For effective event-driven real-time marketing, advanced Business Rules Engine (BRE) solutions are used. Bercut is one of the leading providers of this kind of platforms developed on the domestic technology stack.
Business Rules Engine Bercut is an automated IT platform for intelligent response to events (Bercut’s proprietary development).
How BRE Works
Skilled marketers know how important is handling CJM. Teams work out a variety of scenarios and situations, hypothesizing which ones increase the probability of selling to the client. BRE Bercut can independently implement certain actions based on these scenarios in real time without human involvement. Of course, at the initial stage the business user sets up certain criteria and scenarios for the system; on their basis BRE will make an independent decision and choose a suitable model of reaction to the given event. The system then performs real-time analysis of the flow of events occurring in the external systems of the company’s IT environment, matching the criteria of these events with the user’s settings. When an event meets these criteria, BRE will automatically run and execute a relevant scenario. The easiest example illustrating this approach is the cross-sell promo code scenario:
- A customer makes a purchase in an online store exceeding 100 USD.
- BRE generates a discount promo code for related products.
- The system runs a scenario: notification to the buyer with congratulations and instructions on how to use the promo code.
- If the promo code activation qualifies, BRE checks it and activates the service.
Advanced systems allow multiple employees to create, test and monitor the scenarios in a single business environment in projects aimed at increasing sales and CX. Especially marketing, operations, analytics or sales functions without deep IT background. That is why the support of the no-code concept, where any advanced user without special IT skills and competencies can configure the system, is a strong advantage of the BRE Bercut solution. This is made possible through ready-made business scenarios and an intuitive GUI of the platform.
80 % of customers believe that speed, easiness, expert support and friendly service are the most important elements of a positive customer experience (according to PwC).
That’s why a brand must stay in touch with its customers 24/7. Enabling a company to quickly provide customers with comprehensive support in a mobile-friendly format is also a challenge for Business Rules Engine IT platforms. One of the industries where omnichannel is most popular is the financial sector. In addition to the general need to manage finances and make money transfers anywhere and at any time, people have become more likely to make spontaneous purchases. Therefore, banks’ loan services should be available wherever and whenever they are needed.
According to WCIOM (Russian Public Opinion Research Center), 57 % of Russians made spontaneous purchases. Most of the purchases were made by single people. Some of them spend money even in a hard financial situation. The main driver of spending is emotions.
Banks assume responsibility for providing full information on loan terms so that a person makes an informed decision; banks also suffer losses if the client proves to be unreliable. To mitigate the risks, financial companies can establish an omnichannel system to communicate with the customers and promptly provide them with all the information they need to make a responsible loan-related decision in real time. To automate the assessment of borrowers to determine their reliability, as well as calculation of the credit limit, banks can use the scoring model, where BRE connects to various databases and makes a decision to issue a certain amount of money based on the score.
This complex process can be represented by a simple diagram of a loan conveyor, the solution implemented on the BRE Bercut platform.
According to research, customized offers increase conversion 6-fold over mass mailings.
BRE provides a user-friendly environment where users can easily create new business scenarios or use templates to interact with customers ⎯ with no coding required. Added Bercut AI and BI predictive analytics modules allow one to improve data analysis execution for effective scenarios and decision making.
Benefits for business:
Dynamic segmentation of the audience
Analysis of customer behavior and preferences with automatic generation of dynamic audience segments.
Example: the system can identify a customer group showing interest in certain products or promotions, and set up customized marketing campaigns.
Customized recommendations based on customer data analysis (preferences, purchase history, etc.)
Example: the platform can suggest complementary products or services to the customer based on their previous purchases and preferences.
Smart management of discounts and promotions
Offering customized discounts and promotions to customers who tend to make recurring purchases or show interest in certain groups of products or services based on different factors: purchase history, interest, season, etc.
Managing churn
The solution allows predicting churn and retaining customers by offering them more favorable conditions.
Scoring
Helps you determine the relevant discount or loan amount by automatically calculating the scoring.
About Bercut Platform
BRE Bercut is a high-performance domestic IT tool for automating and improving the efficiency of marketing campaigns, building omnichannel consumer interaction models and CX management, as well as faster generation of unique customized offers. The product enables rapid hypothesis testing, A/B testing to evaluate and forecast potential results of advertising campaigns.
One of the key features of BRE Bercut is an extensive capacity for flexible customization, customizable criteria and contact policies tailored for the specifics and needs of each particular industry. All of this makes BRE an excellent tool for implementing the company’s digital independence strategy. The platform will be most in use in industries that accumulate a large amount of digital and personal data about consumers that also require a high degree of protection and security.
The product is a domestic development approved by the Russian software registry, which makes it an excellent tool for implementing import substitution projects.
To read about a successful substitution of Teradata module in the Tele2 IT environment, click here.
