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The purchase context (bricks and mortar, online) The consumer’s attributes and behaviors (demographics, shopping history) “Next best offer” is increasingly used to refer to a proposal customized on the basis of These ads have lifted conversion rates by as much as 70%-dramatically more than similar but uncustomized marketing efforts.
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In 200 milliseconds-a lag imperceptible to the recipient-advanced analytics software assembles an offer based on real-time information about him or her: data including location, age, gender, and online activity both historical and immediately preceding, along with the most recent responses of other customers.
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Those e‑mails are tailored to the recipient at the moment they’re opened.
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These are called “next best offers.”Consider Microsoft’s success with e-mail offers for its search engine Bing. Using increasingly granular data, from detailed demographics and psychographics to consumers’ clickstreams on the web, businesses are starting to create highly customized offers that steer consumers to the “right” merchandise or services-at the right moment, at the right price, and in the right channel. Advances in information technology, data gathering, and analytics are making it possible to deliver something like-or perhaps even better than-the proprietor’s advice. The shorthanded and often poorly informed floor staff at many retailing sites can’t begin to replicate the personal touch that shoppers once depended on-and consumers are still largely on their own when they shop online. Today’s distracted consumers, bombarded with information and options, often struggle to find the products or services that will best meet their needs. Drawing on what he knew or could quickly deduce about the customer, he would locate the perfect product and, often, suggest additional items the customer hadn’t even thought of. Shoppers once relied on a familiar salesperson-such as the proprietor of their neighborhood general store-to help them find just what they wanted. Lost in My Life (Playmobil), 2010, pigment print Citing successful strategies in companies such as Tesco, Zappos, Microsoft, and Walmart, they provide a framework for nailing the NBO. The authors demonstrate how retailers can hone their “next best offer” (NBO) capability by breaking the problem down into four steps: defining objectives, gathering data (about your customers, your products, and the purchase context), analyzing and executing, and learning and evolving. Using increasingly granular customer data, businesses are starting to create highly customized offers that steer shoppers to the “right” merchandise-at the right moment, at the right price, and in the right channel.īut few companies can do this well. But today’s distracted consumers, bombarded with information and options, often struggle to find products or services that meet their needs.Īdvances in information technology, data gathering, and analytics are making it possible to deliver something like the personal advice of yesterday’s sales staffs. Shoppers once relied on familiar salespeople to help them find exactly what they wanted-and sometimes to suggest additional items they hadn’t even thought of.