Next Best Action
What is Next Best Action?
Next Best Action (NBA) is a customer engagement approach that utilizes a combination of artificial intelligence and real-time interaction data to create hyper-relevant customer experiences. By analyzing consumers unique needs, preferences, and context, brands can determine the most relevant and meaningful action to best engage customers and prospects across any channel at any time.
How NBA is used
With NBA, users build a large library of actions that are always on, making it easy for the artificial intelligence to sense a relevant action to take for each person. Business rules define the conditions under which customers are eligible, when actions are suitable, and where actions are applicable.
Why NBA is effective
Next Best Action engagement strategies create far better customer experiences than static marketing campaigns. It’s more effective to let artificial intelligence trigger content when it’s relevant, for any customer in context, across any channel than it is to pre-determine your customer conversations before they even begin.
How does Next Best Action work?
With NBA, your strategy will make the decision about which offer is best for your customer in each potential category. Every company defines the next best action in its own way, but typically it’s the action that will increase customer lifetime value (CLV) by the largest amount.
How is Next Best Action different from traditional campaigns?
Next Best Action
Puts the customer at the center of their journey by enabling real-time interaction based on customer needs. NBA lets the brand pivot instantly to move with the customer, across any channel.
Have static, pre-determined messaging that is delivered at pre-selected times. Often campaigns push products through a sales-first approach and are unable to pivot in real-time, wasting resources, money, and customer attention.
Frequently Asked Questions about Next Best Action
Some of the benefits of implementing a next-best-action approach include:
- Personalized customer experience: Next best action (NBA) enables organizations to tailor their interactions with customers based on their preferences, behaviors, and historical data. This leads to a more personalized and relevant experience, increasing customer satisfaction and loyalty.
- Increased engagement: By suggesting actions that are relevant to the individual customer's needs and interests, organizations can significantly enhance customer engagement. This can lead to higher response rates and better conversion rates.
- Higher conversions and sales: NBA helps in presenting customers with the right offer or recommendation at the right time, which can lead to higher conversion rates and increased sales. By suggesting products or services that align with the customer's preferences, the likelihood of making a purchase is improved.
- Consistency: NBA helps maintain a consistent approach across customer interactions. It ensures that each customer is treated in a manner consistent with their preferences and needs, regardless of the specific individual handling the interaction.
- Real-time decision-making: NBA systems often operate in real time, providing instantaneous recommendations or actions. This agility is particularly valuable in fast-paced industries where timely responses are critical.
While they might seem similar, there are distinct differences between NBA and next best offer (NBO). The main difference lies in the scope of the strategies. NBO is more specific and focused on offering relevant products or services to customers, while NBA is a broader approach that encompasses a wider range of actions aimed at enhancing the overall customer experience and achieving business goals beyond just sales.
An NBA model is a predictive analytical tool or approach used in various industries to determine the most appropriate action to take in a given situation. The goal of an NBA model is to optimize decision-making by selecting the action that is most likely to yield a favorable outcome or maximize a desired objective.
NBA models typically leverage data analytics, machine learning, and predictive modeling techniques to analyze historical and real-time data about customers, users, or patients. By considering factors such as past behaviors, preferences, demographics, interactions, and current context, these models can make recommendations for actions that are likely to lead to positive outcomes.
For example, in marketing, an NBA model could analyze a customer's past purchase history, browsing behavior, and demographic information to suggest the next best product to promote or offer a personalized discount.
Next best experience (NBE) refers to a concept commonly used in marketing, customer relationship management (CRM), and customer experience management. It involves using data analytics and algorithms to determine and deliver the most suitable and relevant experience to a customer at a given point in time. This could be in terms of product recommendations, content suggestions, or interactions, with the goal of enhancing customer satisfaction and engagement.