Customer acquisition and retention is part science and part art, requiring the effective use of valuable data and using that information in a manner that engages consumers to deliver a positive customer experience. If it is done properly with the right balance, it can pay great dividends. In today's highly competitive and customer service centric environment, consumers have high expectations, with personalized interactions expected as par for the course. The new Monetate Intelligent Personalization Engine is going to give consumer facing brands the ability to deliver individualized experiences and create engaging and immersive interactions to improve the overall customer experience.
Powered by machine learning, the Intelligent Personalization Engine is, according to Monetate, capable of making real-time decisions on an individual basis.
As explained by the company, the challenge traditional systems faced was bringing the ever growing amount of customer data from disparate sources and making the necessary connections to provide real-time decision capability at scale. This prevented marketers from providing individualized customer experiences, so rule-based legacy systems that couldn’t address a customer's expectation for a meaningful, personal experience with a brand had to be assessed by developing a new approach.
The machine learning models are able to optimize against specific goals and make complex decisions in real-time by aggregating any and all data to deliver personalization across different channels by making the most of each customer interaction. The company says these decisions are instantaneous, taking less than 20 milliseconds so marketers can react and act in the moment of interaction so every customer gets a personalized experience that is most relevant to them.
Monetate currently has more than a dozen organizations using the Intelligent Personalization Engine as part of its Early Adopter Program (EAP). And one of the organizations, N Brown Group, said through its Group e-commerce Conversion Rate Optimization Manager, Finn Christo, “The Engine's 1-to-1 personalization ensures more customers remain on our site, increasing our likelihood of converting them to a purchase. This platform has enabled us to observe, understand and interact with our customers like never before.”
“Personalization impacts the bottom line in a way targeting segments just can’t. The Engine moves far beyond traditional methods to optimize the experience of each individual customer. Rather than pointing customer segments at experiences, each customer is served the exact right experience for them. It’s the rare true win-win: each customer gets the best possible experience and brands get business results,” said Lucinda Duncalfe, CEO of Monetate.
The Monetate Intelligent Personalization Engine is available now.