Article Summary:
In today's customer-centric business landscape, retaining customers is key to success. Artificial Intelligence (AI) can be the game changer in customer retention, but it should be combined with Human Intelligence (HI) to create a winning customer experience. This article dives into the critical role of AI in customer experience (CX) and how it's transforming how marketers engage with customers. Learn how 50% of surveyed brands already use AI to access insights and automate campaigns and how 75% of executives predict AI will play a vital role in their brands' future. Despite AI's power, the human touch is irreplaceable. The ideal combination? Smart AI tools combined with strategic human intelligence! Find out how blending AI with a personalised human approach can boost retention scores and create a winning customer experience. Are you ready to knock it out of the park? Read on to unlock the full potential of AI in customer retention!
The Pitch and Experts - Data and Trends:
In the past, app installs were considered the most important KPI for marketers. However, marketers soon realised that retention is the objective measure of success. Without retention, the marketing funnel is like a highway with an exit for cars to speed through. What you want is not traffic that passes by but traffic that parks and consumes your offering. Hence, more meaningful engagement metrics like Monthly Active Users (MAU), Daily Active Users (DAU), and, more importantly Churn came into the limelight. For any Marketer, retention is the key metric now, and they use all the tricks up their sleeve to engage the customer and keep her happy.
A very critical part of retention is the customer experience/engagement/success teams, which are commonly also termed CX. AI can be the game changer in this space. According to an IBM report, 50% of surveyed brands already use AI to access insights and automate campaigns. Additionally, 75% of executives predict AI will play a vital role in their brands' future. Responding to customer expectations for more personalised experiences is their number one reason for adopting AI.
The Player- Artificial Intelligence (AI):
AI heavily depends on customer data, which predicts behaviour, shopping insights, and trends. The best part is that the basic data gets updated regularly as AI encourages the customers to do so, removing all manual interventions. It also serves content that the customer is most likely to relate to and enjoy, thereby driving engagement rates. Customised campaigns driven by AI also add to the above experience. So, no marketer, irrespective of any industry they operate in, can afford to miss the AI bus.
The Coach- Human Intelligence (HI):
While AI seems to tick most of the boxes, there is still an area that many tools in the market lack, and that is replicating a human touch in conversations. Most of the existing AI tools give the impression that one is conversing with a bot, which puts off most premium customers who expect privileged and customised service. There are still many areas where the human touch is essential to resolve an issue in the current systems. This makes one wonder why they can?t the AI predict that at first go and make the process more time-efficient. While interactions with humans will and ideally should not go off completely, how humane and personalised the initial level of conversation can be made is what the AI for the future will be built for. A recent example of the successful blending of AI with HI is Chat GPT.
The Big Hit- Six:
How every brand finds customer traits and preferences and then mitigates issues with a human touch through AI will help define their performance and retention scores. Many tools are available, and more evolved ones will emerge in the future. Only a sharp human mind can decide which ones to apply and to what extent so that CX is top-class. After all, brand is an emotion and not a robot. Hence Human Intelligence should precede Artificial intelligence in Marketing to get that big hit which takes the competition out of the game.
So how can AI and HI work together to achieve a winning customer experience? One way is by leveraging AI to analyze customer data and predict their behavior, preferences, and needs. Marketers can then use this data to deliver personalised content, offers, and services to each customer, which can increase their engagement and satisfaction with the brand. However, to truly create a personalised experience, human intelligence is necessary to interpret the data and create campaigns that are both relevant and emotionally resonant.
For example, an AI algorithm may recommend sending a generic promotional offer to a customer based on their purchase history. Still, a human marketer can analyse the customer's behaviour and preferences to create a more targeted and effective campaign that resonates with the customer on a personal level.
In conclusion, AI is a powerful tool that can transform customer retention and engagement. Still, it's not a silver bullet. To create a winning customer experience, marketers must blend smart AI tools with strategic human intelligence. By doing so, they can create a personalised and emotionally resonant experience that sets their brand apart and keeps customers coming back for more.
If you're not already using AI in your customer retention strategy, now is the time to start. Evaluate your data and identify areas where AI can provide insights and automate campaigns. Then, work with your team to create campaigns that blend AI with HI to create a customised and emotionally resonant experience. By doing so, you can hit a six in customer retention and achieve long-term victory for your brand.
