From 'Predictive Analytics' by the Aberdeen Group...
Enterprises are under pressure to predict the future behavior of customers and potential customers, and the internal performance of the organization more precisely than ever before. Potential gains for the organizations that do this well include higher customer retention, increased sales revenue, a reduction in fraud, increased productivity and ultimately, increased profitability.
My Thoughts...
Before the current downturn in the economy, there were plenty of customers to go around - if you lost a customer, you could always find another. Not any more...
Aberdeen has a point - Your company gathers GB's of information over time. Use that information to follow customer interactions like: Tracking purchases; Tracking support issues; Tracking customer communications; Tracking customer satisfaction; etc.
You have gathered all of this information, use it to be predictive. If customer purchases have gone down, sales can follow up to make sure things are OK. If support calls have increased, customer service can follow up to make sure the customer is happy.
The longer a problem festers over time, the more agitated your customer becomes. And, it becomes more difficult for you to overcome that feeling. The solution is to address issues as they arise or before they arise. Applying predictive strategies to information will help you do just that.
Managing customers and potential customers has a direct impact on revenues and costs. That makes the information required to keep your customer base a critical business asset.
Your thoughts...
Does your company have a strategy in place to keep existing customers?
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