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How AI Is Transforming the Customer Experience

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How AI Is Transforming the Customer Experience

Businesses are facing new challenges when it comes to attracting and retaining customers. Empowered consumers have seized control of their relationships with brands, and many of the tried-and-true approaches to reaching them are no longer effective. To keep pace with this transformation, forward-thinking companies are increasingly leveraging the power of artificial intelligence (AI) to elevate their customer experiences.

GoodData CEO Roman Stanek recently shared with Information Age his insights on how AI and machine learning can help companies increase conversions, reduce customer churn, and improve those all-important customer satisfaction numbers.

Increasing Conversions: Traditionally brands have turned to A/B or multivariate testing to solve their conversion challenges. This process can take weeks or months to yield actionable results — too long for companies who constantly need to stay competitive. AI allows businesses to track in real time which visitors turn into prospects or customers, which means user experience teams can test a huge number of ideas in a short amount of time and take action immediately.

Reducing Customer Churn: Using machine learning, companies can create a historical model that lets them predict which customers are more likely to stay and which ones are in danger of leaving. Once their data is cleaned up and optimized for this purpose businesses can take a proactive rather than reactive approach, reaching out to customers in the “danger zone” with tailored offers and communications.

Boosting Customer Satisfaction: Companies have historically struggled to get inside the minds of their customers, usually turning to tedious surveys to get the information they need. With AI, companies can offer deals in exchange for customer data monitoring and gain access to information on website clicks, social posts, mobile device usage, and more. In addition, natural language processing capabilities can monitor sentiments on social media posts, parsing positive promotions from complaints.

A one-size-fits-all approach doesn’t work with today’s customers. Brands must offer a personalized experience, and AI gives them the capabilities they need to make each buyer experience unique. Brands that harness the power of these new technologies are laying the foundation for attracting more new customers ... and ensuring that they stay.

Read the full article on the Information Age site here.

Written by GoodData Author  | 

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