Published: September 11, 2023
Reading Time: 3 minutes
Categories: AI/ML, Data Analytics
Marketers have more tools than ever at their fingertips to not just process customer data, but to extract significant value from it. Yet, data from Forrester's Customer Experience Index (CX Index™) shows that the average CX Index score increased every year from 2018 to 2021, then declined in 2022 with more softening expected in 2023.
Recent data from Forrester's Customer Experience Index (CX Index™) shows that the average CX Index score increased every year from 2018 to 2021, then declined in 2022. This dip in CX performance during 2022 and expected softening in 2023 presages a drop in tolerance and brand forgiveness. Brands who haven't already, should ramp up efforts in 2023 to handle a harder-to-please customer.
Most brands collect far more data than they can analyze and are only able to realize a fraction of its value in their operations. Unprocessed data isn't just a missed learning opportunity, it carries a cost of customer frustration and lost revenue.
Marketers have more tools than ever at their fingertips to not just process data, but to extract significant value from it. So why are they still missing this mark?
A recent HBR article suggests that marketers are either unsure of the ability of their techstack, or don't trust it to find the right answers for them. They struggle with how and when to incorporate AI/ML advanced analytics in their workflows.
The authors identify the struggle marketers feel with when to trust the machines and when to trust their guts. They also recognize a clear difference between the two:
To help marketers understand what analytics they should apply when, HBR proposed a simple framework for decision-making.
Knowing that resource and time constraints are increasing at what feels like an exponential pace, Kognitiv is giving marketers time and space for the work that requires a human touch. By applying AI/ML to customer journey analytics, Kognitiv is leveraging marketing expertise to automate and take the guesswork out of converting data into insights into action.
Chief Product Officer Anthony Wintheiser says:
"Data without intelligence, and intelligence without optimization will do little to help brands deliver better customer experiences and increase customer lifetime value. With Kognition, Kognitiv's AI/ML decision engine, we combine all three to recommend what marketers should do to consistently and efficiently hit their business goals."
Kognitiv Pulse delivers a real-time view of your entire customer base and buying patterns at an individual customer level.
Categories: Loyalty Program Software, Customer Retention, Loyalty Program Design
Discover the 12 best customer loyalty software solutions across the globe for 2026!
Categories: Loyalty, Loyalty Program Software
Discover 6 of the best loyalty program companies in the Philippines that are revolutionizing loyalty in 2025.
Categories: Loyalty, Loyalty Program Software
The top 5 loyalty program companies in Singapore helping brands boost engagement and customer lifetime value.
Kognitiv provides AI/ML-powered solutions for marketers to maximize customer lifetime value through intelligent analytics and activation.
Email: [email protected]
Website: https://www.kognitiv.com
LinkedIn: Kognitiv Corporation