How Analytics Can Help You Prevent Customer Problems Before They Arise?
It has been proven time and again that establishing customer loyalty is a necessity for companies these days for the simple reason that it needs one-seventh of the resources needed to acquire a new customer. Although the agenda is clear, it’s not that easy these days. With an abundance of choices among consumers in today’s markets, it has become really hard to stop them from switching to a competitor and maintaining loyalty to your company.
Foreseeing a difficult situation before it arises is imperative for any business to get successful and with such an abundance of data in the modern age, organizations can work to address problems and minimize customer problems even before most of them arise. Data analytics, more importantly, Predictive Data Analytics helps companies do that.
A major industry where this can be seen in abundance is the mobile retail industry where the majority of those who come for mobile replacement claim the device is not working properly, while mostly they don’t always know how to use it properly.
Preparing for the unseen
Many people say that you can’t count the number of chicks before hatching, well Predictive Data Analytics can do it for you.
Predictive Data Analytics can be used to predict customer behaviour by utilizing the purchasing and visiting patterns. With modern technology so advanced businesses can use the data prediction tools to get an advanced idea of buyer demographics and plan out their orders and strategies accordingly. A major industrial example of the same is Price Optimizer Software. Companies these days use price optimizer software to determine how consumers will respond to a particular price for their product.
Three of the data predicting models have been mentioned here, these are:-
Data from Visiting
Collecting data on parameters such as the number of visits on the sites, duration of these visits, locations visited and duration since the last visit, businesses can accurately predict the purchasing patterns of a customer concerning the future visits and purchases. This important data gives these businesses an edge which allows them to classify and plan accordingly so that they can ensure regular visits as well as the loyalty of customers.
Predicting the Particulars
Predictive Analytics can also make available the location as well as online as well as offline data to the retail marketers and armed with knowing who the buyers are and by analyzing their website and shop visits retail marketers can successfully predict the buyer’s visit with accuracy up to a really small timeframe.
Retailers can use Predictive Data Analytics to personalize the services provided to an individual or group. A business must have proper marketing techniques and strategies which cover every group and individual alike. With regards to the purchasing decisions, there are many traits to a customer’s overall behavior and when these traits are separated and smartly implemented by companies and businesses, they’ll be becoming better in identifying and segmenting different customers according to the wants and needs.
Several companies these days are trying to leverage the power of Predictive Data Analytics to outgrow their bottom lines and grow their businesses while effectively combating problems before they even arise. With excellent data analysts at their disposal, these companies can effectively predict customer behaviour and get better in predicting customer problems.
Imarticus Learning is adamant about providing the data science enthusiasts with an opportunity to grow their skills in data analytics and benefit from the ever-increasing need of ever-increasing data analysts. The Data Analytics PG course available at Imarticus Learning can be useful for both companies as well as employees to get their data science skills up to date and benefit.