Retail and consumer-facing businesses are rapidly and dramatically changing. Relying on an experienced sales person with deep knowledge of a customer's preferences is a quaint notion of the past. Increasingly, retailers like CVS, Sam's Club, and Nordstrom, as well as leaders in other consumer-facing industries like financial services, are using advanced analytics, extensive customer data, and sophisticated information technology to craft personalized ""next best offers"" (NBOs).
These NBOs--which are often presented in real time--are customized using data about customers' preferences and purchases, the specific context, and a company's goals and offerings. Yet, research shows that today NBOs are often done poorly. They aren't appropriately targeted and may not make relevant offers.
In this interactive HBR webinar, NBO and analytics expert John Lucker of Deloitte Consulting for a discussion of what NBOs are, what makes a good NBO, how to build and execute effective NBOs, and why companies must adapt to the changes taking place or risk being left behind.