Conversational A.I.: It’s A Bot Time for a New Conversation on Customer Engagement
By 2020, customer experience will overtake product and price as the #1 way for companies to differentiate themselves. 2 US companies are now losing more than $ billion annually due to poor customer experiences,3 an effect compounded by the reality that it costs six to seven times more to attract a new customer than to retain an existing one.4 Yet, while consumers punish poor experiences by taking their business elsewhere, they also reward companies who get customer experience right: % have spent more with a business due to a history of good service.5 These statistics emphasize the importance of synergizing customer experience with marketing and sales, to enhance both retention and revenue generation. In fact, this concept informed Stratecast’s establishment of Customer Experience, Marketing, and Sales Analytics (CEMSA) as one of five functional Big Data & Analytics (BDA) categories. CEMSA accounted for % of the $ billion global BDA market, or approximately $ billion, in 2015.
The importance of CEMSA was reflected in Stratecast’s 2015 BDA Market Survey: % of respondents are using CEMSA-focused solutions; and 32% are in the process of implementing, evaluating, or doing proofs of concept (PoCs).6 Most organizations understand the direct correlation between customer experience and business performance. The question is how to make those experiences pay off even more through higher revenue per interaction. This SPIE report analyzes how smart companies are achieving just these types of results through artificial intelligence (A.I.) and other technologies, to serve and effectively engage with their customers.
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