Next best offer (NBO), action (NBA), content, etc. (NBx) probabilities guide sales efforts, promotions, product and other recommendations, both in the digital and physical touchpoints. The scoring, the conversion probability, the affordability and the profitability estimations can deliver 3-5% revenue uplift, while having positive impact on customer experience
Retail Banks
Estimations for the whole product portfolio and each client
Definition
Next best recommendation probabilities can be estimated based on the customers’ characteristics, for example, user metadata, behavioral data, purchase history, etc. by utilizing power of machine learning algorithms and advanced statistical analysis:
- In comparison to pure personalization which is a ranking task, we do not provide just the ranking but also conversion probabilities;
- In comparison to just an offline probability to buy estimation, our models are updated in real-time, therefore they do not get obsolete;
- The previous campaign setups in the personalization engine can be reused for the next campaigns, as only the target needs be redefined.
Estimations for a product by touchpoints and each client
Definition
Next best recommendation probabilities can be estimated for several other attributes, as follows:
Use cases
- Sending time of the messages;
- Email subject line;
- Different design elements, for example, background color;
- Variants of the same text, for example, discount in % or absolute number;
- Next best action;
- etc.
On-site personalization
Definition
On-site personalization includes the ability to present personalized, on-screen content or messages to a banking website visitor based on specific data gathered about the visitors. This also includes the functionality to adjust elements of the web page based on visitor characteristics, and it applies to any page of the site, whether it’s the landing page or subsequent pages.
Use cases
- Next best recommendations in personalized carousel, which means selection of the most relevant carousel image for the given user in the main page carousel
- Personalized category ordering on the main page
- Personalized section ordering, which means modification the order of main page sections. based on personal preference
- Personalized behavioral pop-ups, which means to display a popup for a certain target group or it is triggered from an event, for example, a welcome message for new visitors, or popup after a certain time of inactivity
- Next best recommendations in personalized banners on the top or bottom of the page.
Personalized email marketing
Definition
Email marketing can include transactional emails (like application confirmations, purchase receipts, account creation), relational emails (like new subscriber welcome, gated content delivery, blog articles, survey / review, social update, contest announcement, referral request) and promotional emails (like promotional content, sale announcement, new product release, upgrade offers). Personalization engine can help to increase the efficiency of several of these emails by personalizing the content, or the offer, or the sending time.
Use cases
- Next best recommendations in transactional or relational emails
- Next best offers for promotional emails
- Email sending time personalization for relational or promotional emails based on the recipient’s response rate on past e-mails
- Email subject line personalization, which means to use the (short) title of recommended product in the e-mail subject line
Personalized email marketing
Definition
Personalization engine is capable to apply the email marketing functionality to other channels as well such as SMS or push notification.
Use cases
- Next best recommendations in SMS or push notification
- Message sending time personalization based on the recipient’s response rate on past messages
Triggered emails and messages
Definition
This functionality is a category separate from email marketing, because it requires a specific trigger to trigger the email. It enables sending marketing messages to customers in real time as response to customer activities. Messages can be triggered by any incoming events if the event is synchronized with the personalization engine. Messages can be delivered by 3rd party applications through multiple channels like email, SMS, push notification. This functionality can be combined with personalized email marketing to personalize the content of the triggered emails.
Use cases
- Triggered message sending by online events
- Triggered messages based on external events
- Next best recommendation in ”shopping cart abandonment email”
Ad retargeting personalization
Definition
Personalization engine gathers data and use algorithms for recommendations and decisions, just like when provides on-site personalization. However, personalization engine takes the functionality a step further to personalize retargeting ads on third-party sites. In case of telecommunication companies, Ad retargeting works more effectively for known customers. The display of advertisements is typically done through an integration with a 3rd party ad server or DSP.
Use cases
- Next best recommendations via dynamic banner Ad
In-branch sales efforts guided by next best recommendations
Definition
Always the most relevant offers, content, next best action, etc. are displayed for relationship managers for the frontend they are using during customer calls and personal meetings
Insurance Companies
Estimations for the whole product portfolio and each client
Definition
Next best recommendation probabilities can be estimated based on the customers’ characteristics, for example, user metadata, behavioral data, purchase history, etc. by utilizing power of machine learning algorithms and advanced statistical analysis:
- In comparison to pure personalization which is a ranking task, we do not provide just the ranking but also conversion probabilities;
- In comparison to just an offline probability to buy estimation, our models are updated in real-time, therefore they do not get obsolete;
- The previous campaign setups in the personalization engine can be reused for the next campaigns, as only the target needs be redefined.
Estimations for a product by touchpoints and each client
Definition
Next best recommendation probabilities can be estimated for several other attributes, as follows:
Use cases:
- Sending time of the messages;
- Email subject line;
- Different design elements, for example, background color;
- Variants of the same text, for example, discount in % or absolute number;
- Next best action;
- etc.
Sales efforts guided by next best recommendations
Definition
Always the most relevant offers, content, next best action, etc. are displayed for relationship managers for the frontend they are using during customer calls and personal meetings
On-site personalization
Definition
On-site personalization includes the ability to present personalized, on-screen content or messages to a visitor based on specific data gathered about the visitors. This also includes the functionality to adjust elements of the page based on visitor characteristics, and it applies to any page of the site, whether it’s the landing page or subsequent pages.
Use cases
- Next best recommendations in personalized carousel, which means selection of the most relevant carousel image for the given user in the main page carousel
- Personalized category ordering on the main page
- Personalized section ordering, which means modification the order of main page sections. based on personal preference
- Personalized behavioral pop-ups, which means to display a popup for a certain target group or it is triggered from an event, for example, a welcome message for new visitors, or popup after a certain time of inactivity
- Next best recommendations in personalized banners on the top or bottom of the page
Personalized email marketing
Definition
Email marketing can include transactional emails (like application confirmations, purchase receipts, account creation), relational emails (like new subscriber welcome, gated content delivery, blog articles, survey / review, social update, contest announcement, referral request) and promotional emails (like promotional content, sale announcement, new product release, upgrade offers). Personalization engine can help to increase the efficiency of several of these emails by personalizing the content, or the offer, or the sending time.
Use cases
- Next best recommendations in transactional or relational emails
- Next best offers for promotional emails
- Email sending time personalization for relational or promotional emails based on the recipient’s response rate on past e-mails
- Email subject line personalization, which means to use the (short) title of recommended product in the e-mail subject line
Personalized email marketing
Definition
Personalization engine is capable to apply the email marketing functionality to other channels as well such as SMS or push notification.
Use cases
- Next best recommendations in SMS or push notification
- Message sending time personalization based on the recipient’s response rate on past messages
Triggered emails and messages
Definition
This functionality is a category separate from email marketing, because it requires a specific trigger to trigger the email. It enables sending marketing messages to customers in real time as response to customer activities. Messages can be triggered by any incoming events if the event is synchronized with the personalization engine. Messages can be delivered by 3rd party applications through multiple channels like email, SMS, push notification. This functionality can be combined with personalized email marketing to personalize the content of the triggered emails.
Use cases
- Triggered message sending by online events
- Triggered messages based on external events
- Next best recommendation in ”shopping cart abandonment email”
Ad retargeting personalization
Definition
Personalization engine gathers data and use algorithms for recommendations and decisions, just like when provides on-site personalization. However, personalization engine takes the functionality a step further to personalize retargeting ads on third-party sites. In case of telecommunication companies, Ad retargeting works more effectively for known customers. The display of advertisements is typically done through an integration with a 3rd party ad server or DSP.
Use cases
- Next best recommendations via dynamic banner Ad
