- “Next best action involves the question, “What next step should we take for the customer?”
- Next best offer asks, “Which is the offer that is going to help and appeal to the customer the most right now?”
- Next best product identifies the items from your company’s catalog that would be the most logical for the customer to buy based on their interests and purchase or browsing history.
- Today, it’s almost possible to collect such a large amount of data on customers, such as age, how much they usually spend, whether they have kids or even what their IP address is.
- If you place all of this data into one central location (a “data lake”), you then can use AI and ML to segment your customers and make predictions about what they’ll want or need.
- With this in mind, the ultimate goal for you as a business is to bring all three approaches — action, offer and product — together to routinely provide the next best experience.
- CLV is the primary metric that measures this. Doing this requires shifting your execution mindset from inside-out to outside-in (a shift from thinking about what benefits the company, to what benefits the customer)”