Introducing the Cravety Next Best Action Acceleration Model™ 

 

A methodology to effectively reach and convert buyers into sellers

The fundamental idea of being able to orchestrate complex customer journeys in an automated fashion has long been a dream of organizations everywhere. While primarily thought of in terms of marketing and sales, automated journey orchestration has applications that also include operational efficiencies, cost savings and business process automation. The heart of these journeys relies upon a concept called Next Best Action, or NBA. NBA is the opportunity to consider any unique journey point and to determine the most valuable next step to continue the journey to its successful completion.

While many of the use cases for NBA are external-focused (e.g. providing a targeted offer or incentive to a customer), next best action can also be used for internal decision-making, such as shelf placement in a retail environment or logistical recommendations.

The Model

The Cravety Next Best Action Acceleration Model™ provides a framework to provide a personalized buying journey that is continuously optimized as a buyer progresses through the journey. Utilizing customer journey orchestration, a personalization and machine learning platform that we refer to as the Next Best Action Accelerator™, and other associated marketing, communication, retail and other channels, the NBA Acceleration Model combines these into a system that grows more effective and efficient over time. Fundamentally, the model describes an approach to providing buyers with an experience that delivers optimized and personalized:

  • Product or Service Education

  • Communications 

  • Incentives

  • Recommendations for Decisions (for Internal Audiences)

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Figure 1.0: The Buyer’s Journey

Buyer’s Journey

The buyer’s journey is a predefined pathway that consists of the steps necessary to take a buyer from the initial steps of becoming educated about their needs as well as the solutions to help solve their challenges, through consideration of a set of solutions, and ultimately, to purchase and activation. 

The first method is the predefined journey, in which we are guiding a user through a series of steps that we have already identified as being necessary in order to guide a buyer to an ultimate conversion (in many cases defined as a sale).

The second method is the dynamic journey, where we are assisting a buyer through a series of steps without presupposing who they are or where their destination should be. This can be extremely helpful in cases where we have very little information about the buyer initially, or when we as the seller have a plethora of potential options for them to choose from. The dynamic journey does not have a static beginning or ending, though we must define optimal conversion points nonetheless.

Decision Set 

The Cravety Next Best Action Acceleration Model supports both a diverse set of buying behaviors, while adhering to the underlying assumption that there are four primary stages in the buyer’s journey: education, consideration, purchase, and activation.  

Using NBA approaches, the decision engine is empowered to better determine which specific actions to place in front of the buyer to motivate them to continue the journey. This is where the true power of machine learning and AI play their most value-added role. Using the input parameters above and combining it with powerful algorithms, NBAs are established, presented and monitored in a continuously evolving process.

Thanks to this approach, variations in individual buyer behavior can be identified, catered to and leveraged to drive specific completion of journeys. 

The power of the Cravety Next Best Action Acceleration Model™ can be seen in any number of applications:

  1. Fundamentally selling more products and services

  2. Enticing buyers to increase AOV by motivating buyer consideration of add-ons, accessories and complementary products

  3. Incentivizing buyers to consider relevant, potentially more profitable, product and service lines

  4. Streamlining the purchasing process by reducing consideration points

  5. Increasing long-term customer value by identifying and automating follow-up sales opportunities

While mostly focused on sales and marketing uses, the Cravety Next Best Action Acceleration Model™ can also be leveraged to create and deliver powerful new product and service types. This approach is fundamentally transforming customer experience and driving the most valuable type of engagement in today’s hyper-complex world: loyalty.  

To learn more or see how this can be implemented for your organization, download the white paper or contact Cravety.

 
Greg Kihlstrom