Predictive Analysis Services: Why You Ought To Know Your Customers
Image Credit: Unsplash
The quality of connecting with the customers depends heavily on how effective is the outbound calling infrastructure. And it is necessary to make the scenario predictable for the best possible results in the number of customer connection. Predictive analytics is the need of time to move towards the intended results. The efforts of making connections with the customers are only worthwhile when the connection is made only with the right set of customers.
Now, to make this happen the call center environment has adopted various tools that come with predictive features. The predictive dialer is one such tool that is proving its potential by connecting the agents to the most suited customers. Customers that are likely to become loyal. What works behind such idea is the detailed analysis of the customer data and then the meaningful deductions from it.
Predictive analytics has also proved that a business can only be benefited if the outcome of any step taken in business has a productive result, an assurance that every effort made will eventually lead to business success.
You Ought To Know Your Customers
The more information you gather about your customers, the more you enhance the possibility of turning them into loyal customers with the help of meaningful steps taken while dealing with them.
Agents who are better informed about the customers are more likely to close the call on a positive note. Because the key is, to take steps that are eventually going to help the business grow one way or another. In the same context, this article from customerthink.com suggests the importance of knowing the customers discreetly while talking to them.
The idea of predictive analytics has become more versatile in terms of making the customer experience more frictionless. It also suggests that during next two years, the idea of predictive analytics will only grow. The role of predictive application is equally beneficial because it helps in improving customer loyalty, retention and scale of personalization. Being more proactive to improve the upsell and cross-sell as well.
If as a business owner, you are more aware of your customers then it gets much easier to understand the steps that are needed to be taken in the future.
Also, determining the ROI requires a careful analysis of a variety of investment from data science skills and the expected return on the investment.
Predictive Analytics: On The Rise
Predictive analytics is suggesting the future to be bright and more result oriented. Some data based results are proving it. The preference towards predictive analytics also depicts that when it comes to making customer connection, the results should be visible.
Source: Customer Think
As we see in the image, the predictive service application comes with potential benefits. 70% of the respondents have said it improves the customer loyalty and retention. Predictive analytics help in improving the personalize service interactions, 58% of the respondents are positive about it. Services become more proactive and it helps in differentiating from your competition.
Sale Stages And Predictive Analytics
There is a study done by Experian Marketing Services in the year 2012 that suggests that 84% of the customers don’t like to do business with a company that is not concerned about the individual needs.
Predictive analytics helps in several pre-sale stages when the customer is in the awareness stage of the product. At the very initial stage when the individual beings show more than just a passing interest in your product or service. Not every lead turns into a paying customer. So, it is necessary to know which lead is worth the effort.
Here, the role of predictive analytics is important, it takes care of the various factors that help in deciding the right customer base for your business.
There are various kinds of data that are taken care of in the predictive analytics such as
- Firmographic data
- Demographic data
- Geographic data
- Psychographic data
Deducing results from the given data patterns make it easy to predict the behavior of the customers and this is the reason in this era of big data, its related analytics is too unavoidable today.
Companies Are benefiting From Predictive Analytics
Many companies are benefiting from the predictive analysis such as Red Hat Software that has successfully implemented the predictive analytics to achieve bigger goals. They are using the customer behavioral data to understand them better to ensure whatever they offer it should fulfill at least a need of an individual customer.
In the call center environment, predictive dialers have proved their significance by ensuring to contact the right set of customers at the right time despite their varied location or time-zones. There is no doubt that the times ahead are meant to make better customer connections and for such predictive analytics that has a lot to do with transforming the usual scenario into something better and efficient.
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I read about the link you quoted about Red Hat and how they benefitted
from predictive analytics. It’s interesting to read such information.
Do keep writing about such innovative topic in the field of customer service.
Thank you so much for your encouraging words, Katie.
Nice piece of article Vipul.
I was reading an article on Huffingtonpost regarding the intelligent use of
predictive analysis. Companies are really benefitting from the use of it to understand
their customers well.
Thank you Mike for your inputs.