NBP (Next Best Product) PrecisionML is a recommendation engine that generates optimal product recommendations unique to each customer's profile. These recommendations can be used as valuable inputs across different TD product features, such as Journeys, Triggers, Personalization, Segment Builder, Agent Console, Service Copilot, and so on.
Identifying and offering the most suitable products or services for a prospect or existing customer profile based on their preferences and behaviors, is a common marketing strategy for effective user acquisition, engagement, upselling, and retention. Next Best Product (NBP) predicts a list of recommended entities, which can be products or services, or content for a user's profile. These recommendations can be used by marketers for segment generation, personalization, journey decisioning, and content marketing. Implementing an effective NBP can help lead to higher customer satisfaction, increased sales revenue, improved customer loyalty, and overall enhanced marketing efficiency.
NBP PrecisionML requires customer transaction data history to generate product recommendations. Commonly, transaction data includes unique identifiers such as user_id, product_id (or product_name), and product_category, along with a purchase timestamp. For content recommendations, similar to Netflix, the data would typically consist of user_id, content_viewed_id, and a timestamp.
PrecisionML generates visual dashboards that showcases the ML model's outputs, in Treasure Insights. Some sample NBP PrecisionML dashboard visualizations are as follows:
