Introducing decision sciences to consumer brand loyalty
Wise Marketer sponsor Maritz Motivation Solutions, a leading provider of loyalty programs to major companies and brands, has introduced decision sciences to the loyalty space, providing marketers with next generation insights to predict consumer behavior. Decision sciences combines traditional data analytics with behavioral science to uncover leading indicators so marketers can “read between the lines,” predicting customer defection before consumers even know they are thinking of disengaging, said Barry Kirk, vice president of loyalty solutions for Maritz Motivation Solutions.
While Maritz utilizes its expertise in neuroscience across the company, the company’s application of decision sciences specifically to yield insights in the loyalty space is new, Kirk said. Decision sciences integrates cutting-edge machine learning and behavior science to understand consumers at a far deeper level, he said. Money quote:
“Maritz decision sciences is the next evolution of loyalty analytics. Traditional analytics treats customers as rational actors, who make every decision on a cost-benefit analysis. We know this simply isn’t true. Brand choices are always a combination of rational and emotional drivers. With decision sciences, we help marketers intervene and retain customers before they have mentally checked out."
Machine learning is a form of artificial intelligence (AI) that enables analytic systems to learn progressively as they are fed increasing amounts of data, yielding an ever-richer understanding over time. The company’s decision sciences offering combines this AI-driven analysis with Maritz’ years of experience in the field of neuroscience and behavioral economics, interpreting the data in the context of human behavior, to help marketers predict how consumers will behave next.
“Traditional predictive models used in today’s loyalty programs often fail because customers are humans, not robots. Our new decision sciences group sets apart our loyalty solution, LoyaltyNext, allowing us to see ahead and design experiences based on what program customers actually want and what they are most likely to do,” said Jesse Wolfersberger, Maritz Motivation Solutions’ senior behavioral economist.
Services offered by the new group include:
Strategic Design Assessments: Decision sciences analysts evaluate the structure of your program and make data-driven recommendations.
Predictive Modeling: Using cutting-edge machine learning tools, decision sciences analysts create algorithms which predict customers most likely to engage, disengage, spend, defect, or any other behavior pertinent to the program.
Conjoint-Based Research: Provides a window into customer preferences and their likely reaction to multiple program change scenarios.
Persuasive Design Labs: Expert-facilitated experiences through which marketers are able to apply data and behavioral sciences tools to quickly iterate evolutionary changes to a loyalty program.
Dynamic Segmentation: Using advanced clustering methodologies, decision sciences analysts segment your customers based on behavior, allowing for targeted communications, custom strategies, and a more efficient marketing spend.
This content is sponsored by Maritz Motivation Solutions. For more information on partnering with Maritz Motivation Solutions, visit them here, subscribe to their loyalty marketing blog, follow them on Twitter or call 1-877-4-Maritz (1-877-462-7489).