Next Best Action Analytics Helped a US-based Functional Food Manufacturer to Improve sales by 67% in the FY 2018-19
Engagement summary With technology at its core, marketing has evolved over the past decade to become more customer-centric than ever. In order to find the best means to engage with customers, evaluating customer’s interests, needs, past actions, and behavior has become imperative. Next best action analysis is a customer-centric marketing approach that evaluates historical data […]
With technology at its core, marketing has evolved over the past decade to become more customer-centric than ever. In order to find the best means to engage with customers, evaluating customer’s interests, needs, past actions, and behavior has become imperative. Next best action analysis is a customer-centric marketing approach that evaluates historical data about customers, evaluates all possible actions that could be taken to interact them using AI and advanced analytics, and shortlists the best course of action. In a B2C scenario, implementation of next best action analytics requires more planning than in a B2B scenario, but once implemented, it works like a well-oiled machine and hardly requires any human intervention.
The client is one of the largest manufacturers and sellers of functional food across the US and Canada. They are headquartered in Chicago with manufacturing plants across the US and two third party manufacturing units in Canada.
The modern customer can’t be put down a pre-determined path, instead, a brand has to flow with the customers by adapting the next best action analytics and ML. Request a free proposal to know more.
Next best action analytics reverses the conventional marketing equation by placing the customer at the center rather than the business’s product/service, prepares the right message and offer for the customer, and acts only when the customer’s need for the product/services arise and he/she is ready to engage.
The client was struggling with engaging with their customers at the right time, using the right channels, and with the right message. The key challenges of the client included –
Problem statement 1
Improve customer experience – Today’s consumers increasingly demand that brands are in tune with their needs and interests. Thus the client wanted to deliver messages that are relevant to the customer needs and interests. They wanted to leverage Quantzig’s next best analytics to laser-focus their brand communication and craft extremely personalized customer experience that is unique to every individual.
Problem statement 2
Optimize marketing budget – Next best action analytics, when combined with the next best action model, can help in making effective use of the marketing budget by directing spends on marketing efforts that will have an impact on the customer.
Quantzig’s next best action analytics, combined with next best action machine learning algorithms, enabled the client to evaluate their customers’ past behavior, latest actions, interests, and needs and helped the client redefine their marketing communication and concept to meet and exceed the customer’s expectations. The next best analytics model also enabled the client to optimize their marketing budgets and increase their return on marketing investments (MROI).
Customer journeys are dynamic and constantly changing. Request a free demo to know how our next best analytics solutions help organizations to improve their profitability by tracking the dynamic customer journeys.
Quantzig’s personalized next best action analytics collaboration with this functional food manufacturing company began with the customer base and combined real-time information with historical data. We then applied advanced next best action machine learning algorithms and AI-based decision-making ability to evaluate every possible action for individual customers and helped the client the select the perfect tailored marketing message that is relevant to the customer. The key business outcomes were –
- Used the next best analytics model to derive customized marketing communication and offers for individual customers
- Improved sales by 67% in a span of one year
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