There is a paradigm shift in the way companies are approaching & dealing with the customers. With the saturation of products and services that companies are offering, only one thing can help brands survive this strangling competition: Customer Experience(CX). Simply stating, it’s the interaction between a company and it’s (potential)user through it’s products and services. The 3 ingredients that are quintessential for a seamless CX are: Right Product or Service, Right Timing & Right Channel. In 2018 75% of enterprises are using AI and Machine Learning to enhance customer satisfaction by more than 10%. So how can Machine Learning actually help companies to have a frictionless customer experience ?
To begin with, let’s focus on getting the right product. Product development is not a one time thing, rather it’s a cycle that must take in account continuous customers’ requirements and the continuously changing market trends. With petabytes of data floating everywhere it is an arduous task to make sense of what the customer is actually looking for. That’s when incorporating Machine Learning (ML) in your product becomes a necessity. Companies are trying to solve this by using chat bots & personal recommendation algorithms. One interesting trend that we will see more often in the future is companies using website analytics like heat maps, screen recordings, product surveys etc to train specific ML models which can generate invaluable insights as in how to improve the user experience on their websites or applications, which in turn is also a great way of streamlining the customer experience towards a better purchasing experience.
Now let’s talk about how to get the timing right. Timing is the trickiest part of all. Your product or service should be there when your customer needs it the most, or else they are going to slip away and lucky for them, they will use your competitor’s product. The key here is not to be nagging all the time and discourage your potential users from buying, but to know exactly when will they need you and to be at the right place (which we’ll discuss later). Machine Learning can take the guessing out of your product or services timing. Backed by the right data, an ML model could process and recommend actions for the company to take which gives you the upper hand when it comes to satisfying customer needs.
Next is choosing the right channel for your product or service. Choosing a distribution channel is pivotal because it determines how and at what speed the product is handled and delivered. That also determines how quickly your revenue and market share grow. A decision like this should not be taken lightly and therefore Machine Learning adopters have the advantage because ML is all about finding the predictive knowledge in the masses of structured and unstructured data. ML can streamline the decision making process by using data in the most efficient way and giving businesses the knowledge to make educated decisions in all areas of the customer experience. This trend of businesses adopting ML models for marketing purposes is one of the ways the industry is profoundly changing. The power and scalability is unmatched by manual data collection and analysis.
Now that we have seen how ML can transform your CX, you might be wondering how difficult and expensive it is to implement it. As a proud Google partner, we at Pluto7 offer Machine Learning and Artificial Intelligence services to create custom Machine Learning models on Google Cloud Platform within 6–8 weeks. Now optimise your ROI on marketing campaigns, create product & customer segments and reduce customer churn rate by adopting machine learning.
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