Today's customer has high expectations - they know exactly what they want and how they want it. Moreover, they're not scared to take it from whichever company offers the best deal. They're no longer attached loyally to a single brand. After all, the competition out there is so stiff, there'll always be a better product or a more generous deal available. This has put businesses under tremendous pressure to maintain their customer bases while keeping customer acquisition and retention costs as low as possible. One of the best ways to analyze this phenomenon is through the customer profitability metric.
You’ve been seeing people push AI and Machine Learning (ML) at you for years. Just about every magazine, research report, and unsolicited email you received in 2020 had an AI or ML angle. Maybe your organization has even talked about how ML can help solve your problems. But chances are, you haven’t implemented it. Most companies haven’t. But why is that? And why should you take the leap now?