In today's landscape, personalisation holds unprecedented significance. Our current era demands personalised approaches to not only capture but also retain and satisfy customers. In a realm marked by low loyalty, generic communications present a palpable risk for businesses. Loyalty has become a shifting entity, with consumers seeking personalisation as an integral facet of their chosen brands' offerings.
McKinsey & Company states that 71% of consumers expect personalisation, while 76% of those same consumers get frustrated if they cannot find personalisation in the brands they interact with, leading to churn. The study also claims that 75% of consumers switched to a different brand because they weren't satisfied with the experience they were getting.
Essentially, Service Providers are under pressure to deliver the next best experience to their customers. However, technological limitations are endangering their ability to reinvent their business, posing several challenges, such as:
Fragmented Customer Experience
Lack of consistency on customers’ journeys, leading to frustration and buying decision barriers.
Poor customer insights
Drowning in data, caused by technology's absence to transform facts into knowledge.
Lack of just-in-time response
Incapacity of trigger actions, as a result of a siloed and complex systems’ compound.
Inability to personalise
Lack of technological flexibility to deliver unique experiences, tailored to customer expectations, based on their potential.
So, how can Service Providers extract value from the scattered data available to better serve customers? And how can they offer an unmatched value proposition that can’t be copied, aligned with customers’ expectations?
With Celfocus’s approach, customer knowledge augmentation and activation become the differentiators to truly deliver a personalised cognitive care. Our solution brings a value proposition focused on tailored experiences and business activation through capabilities that enhance the client’s systems.
In saturated and highly competitive markets, harnessing the full potential of hyper-personalisation-driven customer value management will be the main driver of future growth and better customer care.
A continuous and efficient engagement throughout the customer lifecycle can lead to significant benefits and outcomes, such as: Up to -50% Acquisition Cost; Up to +30% Customer Retention; Up to 2.5x Conversion Rates; +10 to 30% Efficiency Marketing Spend; +5 to 15% Uplift Revenues; Up to +20% Net Promoter Score.
These numbers are due to the following effects of using a Personalised Cognitive Care solution:
Challenge: High number of contacts transferred from bot to agent
Solution: Use Large Language Models (LLMs) to better understand the intent and increase automation handover
Benefits: Bot-to-human handoff – +82% intent recognition accuracy improvement in production
Challenge: Difficulty to assess Net Promoter Score (NPS) for all contacts (surveys)
Solution: Apply sentiment analysis to all contacts to infer satisfaction levels
Benefits: Real-time NPS at scale – 100% of population analysis in all contact channels compared with current 10%
Challenge: High human effort gaining context from bot-to-human handoffs
Solution: Contact summarisation & tagging for faster context and analysis
Benefits: Call duration time – 80% to 95% summarisation capacity over transcript text
Challenge: Low agent compliance with predefined conversation rules
Solution: Monitor contact flow to check all required steps
Benefits: Process compliance – Agent compliance with the process interaction script, assuring the execution of mandatory steps
Challenge: Difficulty finding the relevant information the customer is looking for
Solution: Use natural language & cognitive indexing capabilities to understand, refine and find the relevant content
Benefits: Content relevance – Suggest the most relevant documents and links in the knowledge base