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Next best action marketing is therefore based on how much value it provides both your finance brand and your customers. Model-based – This method utilises a machine to predict the probability of a consumer purchasing the different products on offer.Īt the core of it, these models are deciding what offers and products should be marketed to which customers based on financial value, the probability they will purchase the product, and the value to your finance brand.Memory-based – This method focuses on machine learning and remembering the similarities and differences between the clicks, subscriptions and products bought to recognise what to offer to other consumers.There are two main methods of creating a next best action algorithm: Data on their clicks – pages they’ve visited, information they’ve searched for and how long they’ve stayed on your website and individual pages.Ī UK retail bank saw a 30% uplift after implementing a next best action marketing strategy.
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online banking, in-store purchasing etc…)
#Deloitte brand guidelines pdf how to
How to enable a next best action approach A study by Deloitte, in which they empowered a UK retail bank with a next best action approach, saw a 30% uplift during the pilot. Through this customer analysis, your finance brand can identify quick win areas to develop stronger customer relationships and create a positive brand image. Through analysing customer analytics you can understand your target audience’s wants and needs and make informed marketing decisions. Instead of your finance brand spending on large outbound campaigns for single products you instead focus on tailoring product offerings to the individual consumer. Next best action is a customer-centric approach to marketing rather than a product-centric one. This shift in perspective can improve customer relationships as it targets what they want, when they want it. Rather than focusing on what you want your finance brand to sell you instead consider what your customer wants to buy. This creates a tailored marketing approach that can improve customer conversions as you’re offering exactly what the consumer wants at the time. A customer-centric, next best action approach recognises a variety of different actions your customer may take and offers the best one at the time. At the core of it, a next best action approach utilises your finance brands customer analytics to understand what your consumer will most likely purchase or engage with at the time.