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Use real-time AI to connect with every customer across all your channels, consistently driving seamless customer engagement
Traditionally, companies run broad, impersonal mass marketing campaigns with little focus on individual customer needs. As the campaign message does not resonate with customers and is often irrelevant, it may often result in frustration, affecting the customer's perception of the brand.
Are you wondering how to increase revenue, perform cross-sell and up-sell, maximise ROMI, all while meeting your overarching business objectives? The answer lies in promoting customer centricity.
«Log in on the Next Best Action: We explain what this concept is and why your brand should use the power of AI to redefine their marketing campaigns» .
Reasons to implement the Next Best Action approach
Closing the gap between brand promise and customer expectations
In a world dominated by constant digital communication, the future of marketing depends on being both data-driven and fully customer-centric. Finding genuine resonance and connection between brands and consumers in this landscape is more challenging than ever.
Some of the challenges that arise are:
- Customer’s thought
- CMO’s tightrope walk
- Sales manager’s puzzle
- Sales reps’ on-the-ground challenge
Customer’s thought
- "Every time I check my phone, there’s another message or alert. Yet, most aren’t even what I’m interested in."
- "Does this brand even know what I like? Honestly, it feels like a call to the crowd, hoping someone, anyone, will listen."
CMO’s tightrope walk
- "I need to drive our revenues up and get the most out of every marketing dollar."
- "Customer acquisition shouldn’t be burning our pockets! How can we reduce these costs?"
- "We’re spending so much on ads. How do we make sure we’re getting our money’s worth?"
Sales manager’s puzzle
- "Targets are looming large. How do we make sure they’re met?"
- "User experience is our brand’s promise. How can we make it seamless?"
- "There’s so much potential in our existing customers! How do I spot those cross-selling and upselling opportunities?"
Sales reps’ on-the-ground challenge
- "When I’m out in the field, I need real-time suggestions. What’s the best way to connect with my customer?"
- "Targets, targets, targets! How can I ensure hitting mine?"
Customers feel overwhelmed, while companies are grappling with maximising efficiency and returns. The question is how to bridge this gap. The solution: your Next Best Action.
How can the Next Best Action approach help?
NBX is a game-changing tool, empowering companies to become customer-centric and fuelling top-line growth – with the X standing for experience including action, offer, and channel. By leveraging a unique understanding of customer demographics, purchasing patterns and propensity, and preferred engagement channels, Next Best Action creates tailored customer experiences. This process is deeply rooted in data, technology, and AI. With the Next Best Action aproach, you will:
Boost revenues
NBX drives a notable 20-30% increase from new customer acquisition and additional sales to existing customers.
Increase cross-selling and upselling
Unlock up to 10% additional opportunities for cross and upselling with our real-time AI-based recommendations.
Optimise your marketing KPIs
NBX takes charge of elevating your ROAS (Return on Ad Spend), CTR (Click-Through Rate), and CPA (Cost per Acquisition) to meet and even exceed industry benchmarks by employing advanced, data-driven marketing campaigns.
How Does PwC Help You Integrate the Next Best Action Approach?
Our Next Best Action accelerator is a 4-step framework that enables quick implementation and faster time to market.
With our pre-built AI/ML models that can be adapted to your unique data set, the Next Best Action guarantees fast and efficient implementation, execution, and results.
Next Best Action doesn’t just offer a framework – it enables transformation. By complementing and boosting your current technical and strategic capabilities, we ensure that you’re not just keeping up with the industry, but consistently leading it.
Establish a digital customer foundation and get a comprehensive customer 360-degree view to truly understand your customers.
Integrate your internal data (CRM, ERP, contact centre etc.) and external data (Voice of customer, 3rd party data, social media data etc.) into your data platform and establish customer 360 view. Assessment of all available data points & defining the strategy to onboard all relevant touchpoints of customers is a key step, the failure of which leads to suboptimal results. From defining your data strategy to bringing your data together or building a new customer Data Platform, our expertise and experience will help you empower your sales and marketing team with a holistic understanding of the customer base.
Decode the data to develop a nuanced understanding of your customer.
Decode customer behaviors, purchasing patterns and propensity to understand the underlying values and motivations. Subsequently understand barriers & triggers to drive desired behavior among the target segments. With our rich experience in customer segmentation and insights, we will guide you through the process of establishing the right behavioral segments and unlock the potential of hyper-personalised marketing.
Orchestrate tailored, hyper-personalized interactions via the most effective channels to improve customer engagement.
Leverage AI to orchestrate hyper-personalized interactions via the most effective channels and improve customer engagement. Our pre-built AI/ML models that can be adapted to your unique data set, you can ensure fast and efficient implementation, execution, and results.
Measure performance and improve continuously
Analyse past campaigns, measure campaign performance and use the campaign data to continuously update the AI model, with our frameworks and tools for continuous monitoring.
The transformative power of the Next Best Action approach
Dive into our Next Best Action success stories and see the tangible results we’ve delivered for clients across a range of industries.
Automotive industry
How we helped one of Germany’s top car manufacturers achieve over 10,000 additional car sales in Germany within 15 months.
Banking industry
How we guided a leading bank improve retention by 30% per campaign and retain more than $30 million in customer value annually.
Pharma industry
How we supported a leading pharmaceutical company to achieve 30% higher product sales growth and 1.5 times higher sales rep growth using NBX.
Pharma industry
How we helped a leading pharmaceutical company improve its HCP experience through coordinated marketing campaigns and HCP engagement across all brands, at both digital and in-person touchpoints.
Launch your Next Best Action transformation with PwC
Transformation goes beyond mere technology adoption. At PwC, we take a business-integrated approach, supporting you from strategy to execution. This includes developing a data and analytics strategy that aligns with your business goals, selecting the appropriate technology ecosystem, and designing and implementing a solution that either leverages your existing customer data platform (CDP) or initiates a greenfield approach.
Wondering what to do next? Take the next best step with PwC.
Take your next best action with PwC
We look forward to hearing from you to discuss your specific challenges and needs. Please enter your email address. We will be happy to contact you.
https://pages.pwc.ch/core-contact-page?form_id=7014L000000Uh5hQAC&embed=true&lang=en
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Lingli He
Maciej Przybysz