A lot has been said and written about the importance of hearing and understanding the customer’s voice. And no matter how “old news” this might sound, the truth is that it’s a commonly talked about and forgotten issue at the same time. Somehow, in the heavy and complex processes of doing business and striving to become a unique partner for the customer, some companies fail to start from scratch – which means to actually bend the ear on what the customer needs, wants and expects.
Back in 2016, Delloite researchers pointed out that client-centricity is the most important factor in successful business digitalization, since client-centric companies are 60% more profitable compared to companies not focused on customers. To this day, this affirmation couldn’t be truer.
Why curated interactions matter
Through various studies and research papers, the same publication has emphasized how vital it is to provide a positive client experience along the complete value chain, creating a culture around the client and their needs by using a (near) 360-degree customer view with the goal of anticipating the customer’s needs and wishes.
And why is that important? Because it allows the company to cross-sell relevant products and services, it encourages repeat purchases and client retention, gives a competitive advantage in the market, boosts the brand’s loyalty, creates value, and builds a strong customer base. Ka-ching!
Curated interactions can have a significant impact on business growth by enhancing customer experiences, increasing engagement, and fostering customer loyalty. They are based on technology that uses artificial intelligence to generate natural language responses, such as chatbots, voice assistants, and content creation. This way curated interactions can help businesses improve customer service, engagement, and personalization.
What are curated interactions & how they actually work
Curated interactions work by carefully selecting and organizing interactions to provide a personalized and engaging experience for the customer. This can be achieved by new technologies that enable frequent, low-friction, customized digital interactions. From the classical chatbots to the more advanced “models” like voice assistants and content creation.
Simply put, companies can use artificial intelligence models that enable them, such as natural language processing, natural language generation, and natural language understanding.
Natural Language Processing (NLP): This field of artificial intelligence focuses on the interaction between humans and computers using natural language. For example, a chatbot that can understand and respond to customer inquiries in a conversational manner.
Microsoft has invested in OpenAI, the startup behind DALL-E 2 and ChatGPT, which use NLP to store information and provide detailed responses to inputs. Google uses NLP too in many of its products, such as Google Assistant, Google Translate, and Google Search.
Natural Language Generation (NLG): This is the process of generating human-like text from data. For example, a weather app can generate a weather forecast in a conversational tone, such as “It looks like it’s going to be sunny and warm today, with a high of 32 degrees Celsius.”
Arria NLG is a leading Natural Language Generation company that offers a platform for businesses to generate data-driven narratives in real-time.
Arria’s technology is used by businesses across different industries, including finance, healthcare, and sports. The platform is designed to enable users to generate custom narratives that are tailored to their specific needs. Arria’s NLG technology is based on advanced algorithms that use statistical analysis and artificial intelligence to analyze data and generate narratives.
Natural Language Understanding (NLU): This subfield of NLP focuses on enabling computers to understand the meaning of human language. An example of NLU is a virtual assistant that can understand and respond to voice commands, such as “Play some music by Queen.”
One of the most resounding examples is probably Amazon. The company uses NLU in its virtual assistant, Alexa, and also offers NLU services through Amazon Comprehend.
The ultimate benefit of these AI models is that it helps businesses understand the needs and expectations of the customer incredibly faster and with a higher degree of accuracy and all such insights enables them to tailor their interactions to provide a more satisfying and engaging experience.
Mastering the art of curated interactions holds a few challenges …
Yes, curated interactions are a smart way to get to the bottom of what your customers are really thinking, needing, expecting in real time. Bonus points for the fact that you can even anticipate a change of mind or find about it directly from the customers themselves.
But like any other “smart solution” it does hold its challenges and risks. And companies need to take them into consideration and find suitable ways to overcome them.
a. Data management
Curated interactions often rely on data analysis to understand the preferences and behavior of customers. And we all know that managing large volumes of data can be challenging.
Businesses need to ensure that their data is accurate, up-to-date, and secure. Actually, data security is an issue which needs a lot of attention. Especially since in recent years data leaks are becoming more and more frequent, which sends a very alarming message to the customer – the biggest thing at risk is losing trust in the company, the brand or its products and services.
One recent example is ChatGPT. Late March the company announced they experienced a data breach. Officials from OpenAI, ChatGPT’s parent company, said “In the hours before we took ChatGPT offline on Monday, it was possible for some users to see another active user’s first and last name, email address, payment address, the last four digits (only) of a credit card number, and credit card expiration date”.
This resulted in a wave of skepticism to use ChatGPT, especially in the U.S.
Implementing curated interactions often requires the use of new technologies, such as machine learning and natural language processing. This translates into a constant investment in the right technology and ensuring that it is integrated effectively into their operations.
However, the right technologies and the right people that know how to handle those right technologies open a whole different chapter, which needs the company’s attention.
Providing personalized interactions can be challenging, as it requires a deep understanding of the needs and expectations of each customer. Businesses need to invest in data analysis and solid customer research to ensure that their interactions are tailored to the individual.
According to McKinsey “personalization matters more than ever, with COVID-19 and the surge in digital behaviors raising the bar. Our studies show that 71% of consumers expect companies to deliver personalized interactions.” This leaves little to no-room for error.
Also, thanks to online pioneers like Amazon or Netflix, customers have grown to expect and desire personalized experiences. Personalization can even be called a “hygiene factor”: customers take it for granted, but if a company gets it wrong, customers may depart for a competitor.
A lot to offer
Client satisfaction and brand loyalty are crucial drivers of sustainable business success. Building strong relationships with clients and consistently delivering value are paramount in securing long-term growth and maintaining a competitive edge.
Investing in curated interactions with customers has a significant impact on your business growth. By providing personalized experiences that meet the individual needs and preferences of your customers, you can differentiate your business from competitors, drive customer loyalty, and increase revenue.
With the right technology and data analytics, you can leverage the wealth of information available to create unique and engaging experiences for your customers. By doing so, you can position your business for long-term success and growth.
Our mission at QUALITANCE is to make software more human. This way we’re helping clients build technology that truly serves people, through solid product strategy, fast access to expert teams, and agile delivery.
By investing in understanding what the customers need and caring about the details and the end-users, we’ve created a legacy that smoothed the way our clients do business. By constantly taking in user feedback we managed to achieve sustainable development and technical excellence. Discover our work here.