Customer journey includes different phases that go from customer acquisition until customer retention. Thanks to the new technology, marketers and business owners can use the help of artificial intelligence (AI) to go through all these phases in a more efficient way. We all heard about AI a lot especially in the last few years. But how can it help marketing and businesses improve customer acquisition, conversion and customer retention? Artificial intelligence collects the data of people’s financial behavior and spending habits and transforms it into insights, on time and place where it’s best to engage with a specific customer.
Artificial intelligence is somehow safer from the personal data protection point of view as it translates all the data and puts it into this anonymous box businesses can access, without providing personal information and thus taking care of everyone’s privacy.
But let’s see how AI can help in the different phases of customer journey, with some practical examples.
Customer acquisition
Artificial intelligence can provide the data that you need in order to reach out to the people that can be interested in your product or service. The information that you need in this case can be behavioural but also related to the best time to reach out to people or the best area to target. So for example, if you’re looking for customers that need to open a new checking account, you can use the information provided by AI and reach out to those people that showed interest in new accounts, or that for instance, were looking for ways to close their current ones.
Customer Conversion
After the customer acquisition phase, it is now time to understand when is the best time to reach out to those contacts and how. If you are also providing different products, AI will help you understand which contact in your database could be interested in a specific product you provide.
This will allow you to create different customer segments within your database and make sure your target only those people that are interested in a specific product, and not the whole database. This will for instance avoid that you reach out to the wrong people and overwhelm them with messages they are not interested in.
Let’s assume you want to create an email campaign marketing personal loans. You will want to avoid people that just requested one, and target people that haven’t requested one recently or that showed interest in financial help.
Customer Retention
You have your customers now and all of them have already purchased at least one product or service. AI can help you understand how to keep these customers engaged and when to propose different products. If you’re a bank for example you can use this information to know when is the best time to propose a mortgage or a personal loan to your existing clients. Customer retention goes way beyond that, but these were just a couple of examples to help you understand how you can retain your customers in the best way without overwhelming them with information they do not need at that time.
An example to connect to this would be when banks send birthday wishes. You automated an email that you are sending out when the birthday of that client is coming up. The same exact thing can happen with all the other products you want to propose. So, for instance, you are going to propose a personal loan to a client when AI suggests that some of your contacts might be interested in it or a car loan to a customer who has recently visited a dealership website.
We are working on a product that can help banks and credit unions in these phases of customer journey. Would you like to know more about it? Request a demo and we’ll show you how this works.
