Identifying opportunities to improve next-best-action strategies with Value Finder
Discover areas in which you can improve the next-best-action strategy by monitoring where customers are left without any actions or with only low propensity actions. Identify groups of under-served customers and use this information to improve engagement by loosening restrictive rules or by adding relevant actions and treatments for your customers.
Customers can reach a point at which they are left with no action or become under-served at different stages of the next-best-action decision funnel: eligibility, applicability, suitability, and arbitration. Value Finder analyzes what happens at every stage and then assigns customers to different groups, for example, under-served after eligibility, which means that after applying eligibility criteria, these customers do not receive any relevant actions.
After you run a simulation, Value Finder selects three groups for your attention and features them in the Top opportunities section. Top opportunities identify the most significant gaps in the strategy. By addressing these gaps, you can improve the results of your actions and treatments, and increase your customer engagement.
Value Finder provides descriptions of under-served customers and recommends steps to improve the next-best-action strategy. Review this information to understand for which groups of customers there are no relevant actions available. If needed, you can deselect fields to exclude them from the descriptions. Saving a group as an audience can help to test distribution to gain further insight.
Run simulations to discover gaps in customer engagement, analyze the simulation results to gain valuable insights, and use those insights to engage more customers.
- Running Value Finder simulations
Monitor at which stages of your next-best-action strategy customers are left without any actions or with only low propensity actions, and identify groups of customers that are under-served by running a Value Finder simulation on an audience.
- Setting the under-served threshold
You can change the propensity threshold according to your business definition of under-served customers and then re-run the Value Finder analysis.
- Analyzing group descriptions
Value Finder provides insight about under-served customers by identifying and describing three groups that have a high occurrence of under-served customers. Review each group's information to understand why there are no relevant actions available for these customers, and use this knowledge to improve your next-best-action strategy.
- Saving customer groups as audiences
Save or export as audiences the customer groups that Value Finder identifies as under-served after eligibility. You can then run distribution tests to get more insight into the current actions that these audiences receive. Use the Value Finder recommendations and your distribution test results as feedback for business stakeholders to inspire them to create new actions and treatments that will be relevant to these audiences.