Predictive analytics can be used to improve customer experience (CX). By analyzing past behavior and patterns, organizations can predict future outcomes, trends, and customer behavior. The article presents five companies that achieved significant results by using predictive analytics in CX. It outlines the specific benefits of predictive analytics for each company’s respective goals and challenges. Some benefits include increased lead conversion rates, lower customer churn rates, and more targeted marketing strategies.
Rock Connections, a Quicken Loans company, is one of the highlighted companies in the article. It used predictive analytics in its contact center to gauge customer sentiment, formalize optimal call-back times based on measurable data, and streamline operations resulting in a significant reduction in operational costs.
LeadCrunch, a B2B lead generation platform, used predictive analytics to provide its clients with leads more likely to be a good fit for their products. They used advanced statistical methodologies and machine learning to make accurate predictions resulting in a decrease in cost per lead and increase in lead conversion rate.
At Virgin Mobile in Latin America, leveraging predictive analytics helped to reduce customer churn rates and increase revenues. They adopted a predictive analytics model to identify customers at risk of leaving and offer them tailored promotional offers to encourage them to stay, therefore increasing customer retention and revenues.
The direct-to-consumer mattress company Resident Home used predictive analytics to identify the most receptive audience for its marketing strategies and to understand the buying journey of a customer from start to end. This led to a significant improvement in customer acquisition cost and on-site conversion rates.
Bank of Montreal (BMO), a large retail bank, used predictive analytics tools to identify potential frauds and risks. The predictive models were capable of flagging suspicious activity increasing the accuracy of fraud detection and reducing financial loss due to fraud.
Who should read the article: CX professionals, data analysts, marketing executives, and business owners who are interested in leveraging predictive analytics to improve their customer experience and marketing strategies.
Why: To understand how predictive analytics can be beneficial and transformative in enhancing customer experience, improving operational efficiency, and increasing revenue.
Read the whole story here: https://www.cmswire.com/analytics/predictive-analytics-in-cx-5-companies-results/
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