How to use predictive analytics to transform the customer journey
It’s no secret that customer expectations have changed drastically in recent years.
Now, more than ever, customers want to be treated not as revenue-generating robots – but as people. A 2012 study by Experian Marketing Services found that 84% of customers would not do business with a company that failed to take into consideration their individual needs.
Of course, getting to know all of your customers on a personal level is a monumental – if not near-impossible – task.
Luckily, predictive analytics can help.
In the world of marketing, predictive analytics is used to determine optimal methods of reaching individual customers at various stages of the sales funnel to increase the probability of conversion and retention (and to reduce churn).
Essentially, predictive analytics can be used to reverse-engineer past customers’ experiences and actions taken to pinpoint the marketing strategies that resulted in a positive outcome for both your consumer and your company.
This article originally appeared in mycustomer.com. To read the full article, click here.