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Next best offer (NBO) is increasingly used to refer to a proposal customized on the basis of
The consumer’s attributes and behaviors
The purchase context
Product or service characteristics
The organization’s strategic goals
NBOs are most often designed to inspire a purchase, drive loyalty, or both. They can consist of
Products
Services
Information
Relationships
Despite the name, an NBO may in fact be an initial engagement. And whether the customer relationship is new or ongoing, the NBO is intended to be a “best offer.”
An effective NBO is based on four broad activities:
1- Defining Objectives
2- Gathering Data
3- Analyzing & Executing
4- Learning & evolving
One of the biggest drawbacks of using separate solutions is that it hinders your business’ ability to grow. A big part of the reason for this is that adding new functionality is a lot more complicated since key processes are carried out across multiple applications. You can end up with a sprawling set of point solutions and applications that don’t talk to each other.
Not only this, but because your data is stored on multiple systems, it’s difficult to pull together all of the information that you need to make business decisions.
An integrated system will allow you to expand a lot more easily and will allow you to cross-sell and upsell more effectively thanks to the increased visibility you gain. It will pull all of the data from your key business processes into one place. This means that you have a single view of your entire business operation, allowing you to make more informed business decisions in a more timely manner.
