Operationalizing Empathy: The Five Facets of Real-time Context

Transcription

1 Operationalizing Empathy: The Five Facets of Real-time Context Jeff Nicholson, Global Head of CRM, Pega Paul Greenberg, Managing Principal, The 56 Group This information is not a commitment, promise or legal obligation made by Pegasystems, including that to deliver any material, code, or functionality. The timing of the development and release of any features or functionality described about our products remains at our sole discretion Pegasystems Inc.

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3 What is context?

4 Oxford Dictionary The circumstances that form the setting for an event, statement, or idea, and in terms of which it can be fully understood. 4

5 Context is Everything A little weekend gardening? 5

6 Context is Everything A little weekend gardening? 6

7 Business Context vs. Customer Context BUSINESS CONTEXT I want to sell stuff I want you to say great things about me I want greater lifetime value I want to reduce costs CUSTOMER CONTEXT It s my goals that are important I expect immediate gratification I avoid experiences with friction I want real value SLOW MOVING FAST MOVING BUSINESS CONTEXT: LONG TERM VALUE CUSTOMER CONTEXT: MOMENT OF NEED 7

8 The Five Facets of Real-time Customer Context Emotional Motivational Behavioral Situational Environmental Sentiment Intent Actions/Activity Journey What is AROUND you How the individual feels in the moment. (e.g. At Fidelity and my stocks are tanking. Expectations not met.) What the individual wants. Their goal. (e.g. I am trying to open a checking account for my son, add handset) What the individual has DONE or is likely to do. Can be behaviors that or visible to the brand, or not. (e.g. web browsing behavior, clicks, transactions, social posts) What is the individual s STATE along their journey? Can involve transactional, IoT, wearables, as means to detect (e.g. was on web trying to buy, frustrated and now calling) Physical OR Digital Environment. (e.g. Real-time GPS location, proximity, weather, web location) 8

9 Trust in Data: Understanding Data Depth INFERRED IMPLICIT EXPLICIT DEPTH OF DATA 9

10 The Five Facets of Customer Context: Data View Where contextual data is highly variable, high in velocity or low in explicitness, real-time ability is paramount Emotional Motivational Behavioral Situational Environmental DATA PERTINENCE HIGH Velocity Reliability Velocity Reliability Velocity Velocity Reliability Reliability Velocity Reliability LOW DATA DEPTH EXPLICIT IMPLICIT INFERRED LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH EXAMPLE DATA SOURCES Data Sources: Sentiment via text (from Chat, Social, , Voice-to-text...) Data Sources: Unstructured text, speech-to-text Data Sources: Web browsing activity, mobile app clicks, transactions, social posts Data Sources: Must be decisioned using state, eventdetection, AI Data Sources: IoT, Beacons, 3rd party data such as google weather, proximity 10

11 Context is one of the four critical components of a real-time reflex. 11

12 Real-time Advantage: The 4 D s of a Real-time Reflex All Must be True Real-time Timing is Based upon Decision Detection Data Decision Delivery Always-on sensing for moments of need. Can the business sense the moment as it is happening? Or is there latency? Process of context, empathy and understanding. Can the business access the data that it needs for realtime context (emotional, motivational, behavioral, situational, environmental), right in that moment? Where the business interests are weighted. Is the business able to make the entirety of the decision in that moment? Or are some of the foundational analytics pre-determined (e.g. batch scores uploaded weekly, nightly)? Is the business able to deliver the interaction (via channel(s)) in that instant, whether reactively or proactively? Or is there latency? Action.

13 How fast is fast enough? 13

14 DETECT DATA DECISION DELIVERY DETECT DATA DECISION DETECT DATA DELIVERY DETECT DECISION DELIVERY DATA DECISION DELIVERY Understanding the Impact of Real-time Bandwidths Real-time Rift Detection Data Low Value Decision Point of Inflection Delivery Incremental Value Competitive Advantage Greatest Opportunity Window of Opportunity Time 14

15 When is Real-time Context Most Important? When understanding customer context can make a significant positive impact to outcomes (acceptance, engagement, NPS, retention, ) When not understanding customer context can have a significant negative impact to outcomes (acceptance, engagement, NPS, retention, ) 15

16 When is Real-time Context Most Important? When understanding customer context can make a significant positive impact to outcomes (acceptance, engagement, NPS, retention, ) When not understanding customer context can have a significant negative impact to outcomes (acceptance, engagement, NPS, retention, ) CUMULATIVE EXAMPLE 1: Negative sentiment + intent to quickly resolve service issue + item in shopping cart for past 2 weeks = NOT a good time to present offer (cart abandonment) 16

17 When is Real-time Context Most Important? When understanding customer context can make a significant positive impact to outcomes (acceptance, engagement, NPS, retention, ) When not understanding customer context can have a significant negative impact to outcomes (acceptance, engagement, NPS, retention, ) CUMULATIVE EXAMPLE 1: 2: Intent Negative to open sentiment no fee account + intent + several to quickly recent resolve overdrafts service issue + item upcoming shopping regular cart recurring for past payment 2 weeks = NOT will a good trigger time next to overdraft present offer = present (cart a abandonment) DIFFERENT offer for safer-student package with overdraft 17

18 Real-time Context Does anyone like this? 18

19 A View of End-to-end Real-time Readiness Sensing DETECTION DATA DECISION DELIVERY Actioning 19

20 A View of End-to-end Real-time Readiness UNDERSTANDING OF CUSTOMER CONTEXT Emotional Motivational Behavioral Situational Environmental Events Non-events Complex Events SENSING & LISTENING TO DATA DETECTION DATA DECISION DELIVERY ARBITRATION vs. BUSINESS CONTEXT Context Scoring Propensity vs. Value Risk Machine Learning Other ACTIONING OF STRATEGY Employees Channels Systems 20

21 Optus To create game-changing customer experiences, we needed to integrate our channels in real-time. Not batch driven, not cached-offers, not near real-time But REAL real-time. We re able to use context to make a decision, and get a personalized offer within 200 milliseconds." Gabrielle Shone Associate Director, Optus Optus relies on Pega Marketing to provide contextual, real-time decisions across their , SMS, mobile app, mobile push, direct mail, telemarketing, geo-location, and NPS programs. 1-1, Real-Time, Contextual Offers < 200 MS New Offers Launched < 24 Hours Campaign Time To Market - Decreased 90% Geo-Fencing Offers Increases Relevance 90% Faster Net Promoter Setup 21

22 Etisalat "Since moving to Next Best Action, we've seen a 12% increase in monthly revenue, a 20% increase in renewals, and a 15% reduction in customer churn. Bindu Chandran Manager of Loyalty & Retention, Etisalat Etisalat uses Next-Best-Action to prioritize leads for their outbound calling teams arming them with prioritized contact lists and personalized offer recommendations for each account. They also leverage Pega Marketing in their , SMS, and mobile channels. Their they engage customers with real-time digital messages, trigged by mobile location and geo-fencing. 12% Increase in Monthly Revenue 20% Increase in Customer Renewals 15% Reduction in Customer Churn 22

23 How Do I Get There? One journey at a time Begin with key business goal (e.g. retention) Start with simple triggers e.g. Real-time web site behavior, mobile location Focus on most reliable context Begin with explicit sources Gauge your own real-time readiness Detection, Data, Decision, Delivery Own the point of inflection 23

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