May 25, 2021
Customer retention is a big challenge in the rapidly increasing competition in business world. No wonder companies are moving more and more towards predictive analytics. An advanced branch of analytics, predictive analytics predicts future business trends. It is done by analysing the data at hand through data mining, statistics and data modelling, machine learning, artificial intelligence (AI.)
Predictive analysis is expected to be the game-changer in transforming customer experience. Organizations can:
In this blog, we will explore some of the ways predictive analytics can help with a great CX.
At a broad level, predictive analytics enables businesses to:
At a micro-level predictive analysis helps in the following ways:
Accuracy and speed of customer insights are critical in creating excellent user experience and so is the nature of insights. Therefore, you need customers that are future-looking. A study by inContact shows 87% of customers want to be contacted proactively by a company especially with regards to service. It further showed that 73% of customers who were proactively contacted and had a positive experience developed a positive attitude towards the brand.
Predictive analytics analyses existing customer data and delivers futuristic insights. This shows how your CX initiatives can tangibly help in financial growth. Assessment of individual CX improvement strategies is mapped to wider impacts on customers, loyalty, profitability, as well as on employees. Because an effective predictive engine considers multiple influencing factors: product quality to staff efficiency. Based on that analysis you can take a strategic plan to drive customer loyalty, retention, and revenue.
With rapidly growing online businesses, you need predictive analysis to get a deeper understanding of customer habits and preferences. A great web experience is a significantly influencing factor in customer retention. Generating path-breaking insights will help you stay ahead of the curve in terms of customer behaviour and purchase patterns. Today’s customers look for more engaging and highly personalized retail experiences. The eCommerce businesses must be a step ahead of their customers predicting what they will look at your online store.
The ability to collect and store data helps businesses to perform retrospective and real-time analyses. You can trace purchase patterns and can also draw conclusions and do a root-cause analysis of marketing failures. This will help you avoid that route in future campaigns. Alternatively, successful solutions can create more success stories.
When you attach metrics to every decision on customer experience and study them for an effective long-term strategy, you create a customer-focussed business. By identifying the detractors you can improve the variety and quality of products or services. You can also convert casual browsers into real customers.
Do you want to turn our business through predictive analytics?
Interested to discuss more, please feel free to contact the author at email@example.com
Ashish has almost 30 years of industry experience in a wide range of business solutions primarily focusing on end-to-end customer experience management. He is the founder and CEO of Digital Business People (DBP), an omni-channel customer experience management company headquartered at Singapore with it’s development and delivery centers in India.