December 12, 2022
In this series we explore common industry phrases and explain what they really mean.
Next Best Action (NBA) is a strategy used in contact centers to provide personalized, targeted recommendations to customers based on their individual needs and circumstances. By analyzing customer data and using advanced algorithms, Agents can predict and recommend the best course of action for a given situation. Traditionally this required a tonne of customer data crunching which was slow, cumbersome and expensive.
Nowadays, tools like MOJO-CX© by TMAC carry out the complex data crunching to enable faster decision making, reducing decision fatigue required by agents.
In the case of a telecoms provider, the Agent might recommend a cell phone plan with unlimited data, based on a customer's past usage patterns and the fact that theyfrequently use their phone for streaming music and video. This recommendation is made using next best action, which helps the Agent make informed, efficient decisions that benefit both you and the phone company.
NBA becomes really powerful when paired with conversation analytics to create a feedback loop. These created exceptional understanding of your customers, the way they interact with your Agents, and their needs wants and desires - ultimately generating significant uplift in revenue.
According to a study by the International Customer Management Institute, companies that use Next Best Action strategies in their contact centers see an average of 15-20% improvement in customer satisfaction and a 10-15% increase in revenue. It's no wonder that the adoption of NBA has rocketed since 2016.
Next Best Action is just one way that contact centers are working to improve the customer experience and create long-term loyalty and reduce attrition along the way. Read more about MOJO-CX©'s NBA capabilities - Act - here.
Make your contact experience stand out with the latest tips, tricks and insight from MOJO-CX©.