New AI Marketing Platform MoEngage Doubling Down On Personalization
“In today’s world… a lot of contact centers, BPO’s, etc are investing in fantastic technology… It gives us better business insights. We understand our customer’s patterns [i.e.] buying patterns, we understand their behavior, so we can make better data-driven decisions. Each one of those provides a nugget into when it’s time to do route cause analysis, [and] identify opportunities and improvement,” Dee Nilles Former contact center leader at Microsoft, recently told me.
It sounds basic, but Dee brings up a common pain point that many brands struggle with, capturing actionable analytics so that we can make better decisions, personalize services for customers, and generate quality customer experiences.
Personalization is not about in-depth conversations
According to CCW Digital consumer research, for 75% of consumers, (contrary to popular belief), personalization is not about in-depth conversations and extensive banter with customers. It is about proving you know the customer – and then using actionable analytics and artificial intelligence to educate human intelligence, generating better decisions by businesses for customers.
While Chick-Fil-A style manners are beneficial in personalized customer service, truly individualizing experiences is about tailoring customer data through an omnichannel experience, targeted ads based on consumer behavior, and customizing products and services to meet specific customer preferences.
Despite the exponential growth of technology resources at our fingertips, consumers question whether brands are serious about customer centricity. This is partially because decision makers have the wrong strategic approach with their digital transformation initiatives. In fact, 70% of all DT initiatives do not reach their goals. On the estimated $1.2 trillion spent on DT in 2019, nearly $900 billion went to waste.
Digital transformation lagging behind customer expectations
This is also partially because consumer expectations rise alongside the emergence of technology. Our research shows that 88% of consumers feel brands have not made significant customer experience improvements in recent years.
The concepts displayed by these statistics have created a lucrative market for customer-centric solution providers in the past decade. Brands are investing in digital engagement tools in hope of improving their customer experience through consumer behavior metrics and personalized services.
That’s why San Francisco and Bangalore-based startup, MoEngage recently joined the race, nipping at the heels of much larger solution providers in the customer experience and marketing realm.
Tapping into the demand of providing firms with a better understanding of their customers through omnichannel engagement and actionable analytics, the six-year-old start-up recently raised $25 million in a new financing round ($40 million to date).
MoEngage emerging as popular solution provider
“Based on your understanding about the customer, you can send them personalized notifications. Say you’re using a ride-hailing app [as one of many examples]. The firm would now know how often you use their app and at what time you tend to avail their service. Based on these learnings, they can offer you deals or reminders that could help them improve their conversion rate,” said MoEngage Founder and CEO Raviteja Dodda.
Here’s what the interface looks like for another example:
More and more digital platforms are going for a one-dashboard approach in mobile apps, especially in the field of customer engagement. The end-to-end and one-for-all model has been proven effective as it centralizes the analytical and customer engagement process, actionable reports, and automated omnichannel experiences for end-users.
In MoEngage’s case, client brands can engage with their customers across channels and personalize touchpoints in one dashboard. MoEngage’s AI platform maps out customer journeys and develops personalized offers, updates, recommendations, and other communications across mobile, web, email and SMS, completely encapsulating the omnichannel concept.
As the market for omnichannel data aggregation tools, such as MoEngage, continues to expand, it has never been a more competitive and prevalent time to capitalize on customer-centric resources to personalize and enhance the customer experience.