Big Data @ Work Turning Customer Interactions into Opportunities
By peterschutt on Mar 25, 2014
A new Big Data @ Work whitepaper explores how technology is disrupting customer interactions and increasing demands. In this digital age of search, social, and mobile, customers are empowered and have zero tolerance for bad experiences. Big data analytics holds the key to fostering a superior customer experience by blending art and science for greater personalization at the moment of impact simultaneously across channels.
The ability to collect and quickly analyze higher volumes of structured and unstructured data from multiple sources provides clearer analysis. For example, Land O’Lakes is connecting transactional data from customers with non-relational data from its marketing database that tracks which farmers have been targeted with offers for specific seed types using Oracle Endeca Information Discovery. The self-service discovery tool combines complex data from multiple sources which salespeople access easily and quickly to match farmers’ needs with the right seeds. Land O’Lakes has saved $4 million and increased sales in the company’s crop inputs division by 20% and profits by nearly 30%.
Watch Land O'Lakes' Barry Libenson, SVP and CIO, tell the story.
Additionally, using big data for more proactive, predictive insights for personalized interactions such as “next likely purchase” for marketing and sales and “next best action” for service can have a direct impact on conversions for new and existing customers to lift lifetime values. Solutions such as Oracle Real-Time Decisions (RTD) allow business users to segment customers based on historic transaction values, profiles, and preferences to predict a next purchase likelihood score. The predictive customer context is combined with a content library of banner ads, imagery, and product or service messaging based on customers’ in-the-moment activities, such as clicks on a website or an email or prompts from a call center agent, to prescribe a more targeted—and more persuasive—experience. The next best offers are dynamically tested and adapted in live experiments to continuously optimize:
- What to say (right recommendation)
- How to say it (right message)
- When to say it (right time)
- Where to say it (right channel)
Marketers at Dell better understand customers’ buying patterns and interests and how they change over time, enabling Dell to stay more relevant in B2C and B2B omni-channel from technical service, online marketing, social and email marketing, call center and chat, events, to direct mail. Using RTD, technical support emails and calls have improved one-call close rates resulting in referrals (Net Promoter Scores) up 40% and dispatch costs down 150%. Targeted promotions have helped drive a 30% increase in email click rates and a 40% gain in revenue per click.
Watch Dell's Mark Sucrese, Director of Marketing Operations, tell the story.
Dunnhumby customer scientists streamline operations to identify new growth opportunities for brand loyalty and retail personalization using in-database Oracle Advanced Analytics. Key deliverable run times have decreased from 40 hours to an hour by consolidating customer data with analytic tools such as R for higher performance using Oracle Exadata Database Machine.
Watch Dunhumby's Chris Wones, Director of Data Solutions tell the story himself.