Next best action marketing is a tactic that has been around for a while, but few marketers have been able to fully take part in this powerful marketing strategy – especially in financial services, where customer data is abundant but hard to act on for marketing use. It’s a concept that the whole organization needs to align on because it impacts the entire customer experience. With next best action marketing, each customer becomes a “segment of one” versus a “segment of many,” improving marketing action precision and relevancy. To implement next best action marketing, you need to have the right technology in place. It should be able to give you a complete understanding of each and every customer, and also be able to decide on – and recommend – the right actions to take, at the right time, based on the complete and actionable view of each individual customer. James Taylor, CEO of Decision Management Solutions, and Steven Noels, CTO and Co-Founder of NGDATA, delve into next best action marketing, how you can use it to empower the customer experience, and the right technologies to get you there. Key takeaways include: Key concepts of next best action marketing The importance of understanding your customers in an omni-channel environment How to get your organization aligned around the strategy How to get on the road to success with the right technology in place

1. Building
Outstanding
Customer
Relationships
Delivering
Relevant
Next
Best
Actions
for
Retail
Bank
Customers
WEBINAR
Steven
Noels,
CTO
NGDATA
James
Taylor,
CEO,
Decision
Management
Solutions

2. Introducing
Next
Best
Action

3. 3
Every
Customer
Interaction
Builds
Value

4. 4
Maximizing
the
Value
Requires
Focus
ACTION
THE RIGHT
PERSON
THE RIGHT
TIME
THE RIGHT
CHANNEL
THE RIGHT

5. 5
Next
Best
Action
• 1:1
Marketing
• Cross-­‐channel
Marketing
• Markets
of
1
• Personalization
• Right
Action
• Right
Person
• Right
Time
• Right
Channel

6. Decisions
Drive
Next
Best
Action

7. 7
Optimizing
Every
Interaction
Requires
Decisions
• What’s
the
next
best
action
for
this
customer?
• What
channel
should
I
use
to
contact
them?
• How
do
I
retain
this
customer?
• Can
I
approve
this
customer’s
request?
• What
will
make
this
customer
more
loyal?
• Is
this
customer
valuable
enough
to
retain?
• What’s
the
best
way
to
handle
this
problem?
• Why
is
this
customer
calling?
• …

8. 8
Consistent
Decisions
Decision
Across
all
channels
Customer-­‐centric

9. 9
Precise
Decisions
Replace
cookie-­‐cutter With:
• Localized
• Personalized
• Timely

10. 10
Responsive
Decisions
Event
Decision
Latency
Action

11. Technology
for
Next
Best
Action
Decisions

12. 12
Next
Best
Action
Decision
Management
Systems
Agile Analytic Adaptive

13. 13
Delivering
Next
Best
Action
Decision
Traditional New
External ü ü
Internal ü ü
Analytically
enrich
it
Make
Consistent,
Precise,
Real-­‐Time
Decisions
Across
All
Channels
Learn
Continuously
Start
with
customer
data
Add
Policies,
Regulations
Best
Practices
and
Preferences

14. 14
Technology
Needs
• Manage
Customer
Data
o Structured
and
unstructured;
Internal
and
external
• Build
Data-­‐Driven
Analytics
o Customer-­‐level
understanding
-­‐ “segments
of
1”
o Risk
and
response
predictions
• Manage
Rules
o Policies,
regulations,
best
practices
and
customer
preferences
• Deploy
Decision-­‐Making
o Consistent,
precise
real-­‐time
decisions
available
across
all
channels
• Learn
and
adapt
o Track
behavior
and
learn
over
time

15. 15
From
Traditional
Marketing…
To
Next
Best
Action
• Next
product
• Campaign
targeting
• Process-­‐centric,
batch
• Web
analytics
• A/B
Testing
• Few
channels
• Portfolio
level
analysis
• Actions
not
just
offers
• Offer
personalization
• Real-­‐time
event/response
• Predictive
analytics
• Adaptive
analytics
• Many
channels
include
SoMoLo
• Micro-­‐segmentation

16. Next
Best
Action
is
a
Change
in
Focus
and
Technology

17. 17
Value
for
All
Parties
VALUE
FOR
CUSTOMERVALUE
FOR
COMPANY
VALUE

18. 18
Lily
Enterprise™:
The
Analytics
Revolution
From
a
Manual
World
(Insights)
to
Operational
Analytics
(Impact)
DATA
INSIGHT
BI
TEAMS BUSINESS
ACTION
ENGAGEMENT
Ultimate
cross-­‐
channel
customer
recognition
Personal
Customer
experiences
Cross-­‐channel
(contextual)
experience
Smarter
media
buys
Streaming
analytics
and
real-­‐time
interactions
Real-­‐time
campaign
and
performance
optimization
Relevant
Inbound
Offers
and
Actions

19. 19
Customer
DNA

20. 20
Lily
Customer
DNA
Advantages
Driving
Revenues:
Effectiveness
and
Efficiency
No
more
time
lost
on
data
gathering
and
preparation
Fully
integrated
and
automated
processes
Data
is
always
complete
and
always
current
Insights
immediately
turned
into
action
Analysts
focus
on
higher
level
and
next
gen
analytics
x10
targeting
precision,
increasing
revenues
and
loyalty

21. 21
Lily
Enterprise:
Defined
Plugs
into
the
platform
Platform
may
integrate
with
or
contain
Platform
contains
Real-­‐time
integration
Big
Data
Foundation
Enterprise
Data
Management,
Governance,
Security
Channel
applications
Learn
Continuous
Feedback
External
Analytics
&
data
science
tools,
frameworks
and
services
External
Dashboards
Analytics
and
data
science
tools,
frameworks
and
services
Insight-­‐driven
processes
Dashboards
Decision
and
management
logic
Learn
35%
87%
$124
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35.2 months
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80%
2
36d 5
63%
2d
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11
88
66
$11350

22. 22
Customer
arrives
in
branch
Branch
relevant
Offers
are
selected
Propensities
to
accept
are
determined
in
order
to
sort
the
Offers
to
their
customer
relevance
based
upon
Customer
DNA
Product
and
Offer
eligibility
is
evaluated
based
on
Customer’s
DNA
Personalization
of
top
Offers
suggests
specific
actions
to
be
taken
by
branch
manager
Offer
Personalization
Customer
specific
reductions
on
Offer
Product(s)
related
to
the
Offer
Action
to
take
towards
Customer
(e.g.
call
up)
Lily
Customer
DNA
e.g.
current
portfolio,
amount
spent
per
month,
flag
salary
on
CA,
flag
has
car
loan,
personal
product
reductions,
recent
click
behavior
Car Loan Offer 1
Car Loan Offer 2
100.00
33.00
27.00 Pension Savings Offer 2
Offer Propensity
Overview
of
all
Offers
and
their
constraints
Offer
and
Product
constraints
overview
1 2 3
Trigger
Original
product
price(s)
Case
Study

23. 23
Keys
to
Mastering
Next
Best
Action
Go
From
Campaign/Segments
to
Individual
Interactions
Incorporate
Behavioral
and
Contextual
Data
for
Real-­‐time
Relevancy
Continuous
Scoring
– Always-­‐Available
Individual
Insights
Bridge
the
Gap
Between
Data
Analytics
and
Business
Execution
Flexible
Environment
– Allowing
Movement
to
Decision
and
Execution
Without
Reliance
on
IT

24. 24
Thank
you.
Any
questions?
NGDATA
helps
companies
in
data-­‐driven
industries
operationalize
their
data
analytics
through
our
real-­‐time,
analytics-­‐based
customer
experience
management
solution,
Lily
Enterprise™.
It
finds
insights
and
executes
on
them,
bridging
the
gap
between
the
worlds
of
data
and
business,
enabling
the
delivery
of
timely,
relevant
and
contextually-­‐
aware
interactions
that
customers
embrace.
Connect
With
Us.
Decision
Management
Solutions
specializes
in
helping
organizations
build
decision-­‐
centric,
action-­‐oriented
systems
and
processes
using
decision
management,
business
rules,
and
advanced
analytic
technologies.
We
offer
a
complete
set
of
training,
consulting
and
decision
modeling
software
to
help
you
build
your
decision
management
capability.
stevenn@NGDATA.com
www.NGDATA.com
james@decisionmanagementsolutions.com
www.decisionmanagementsolutions.com