The best companies center their policies and actions around the customers. If you are running a business, you want to be sure the people buying your goods and/or services are satisfied and 100% happy with their purchase. Return customers make up a huge portion of your revenue, so any information and insights you can get about your customer satisfaction will be invaluable for the future of your company. This is why improving your customer interactions should always be your top priority.
Many software companies and marketing groups work hard to help you improve your customer service experience. However, you can’t begin to strategize what to do to improve relations until you know all the facts. This is where data science and predictive analytics come in. With the help of analytics, you can take historic data, visualize the algorithms, and make strategic predictions of what you need to do to excel as a company. Let’s take a look at a few of these predictive analytics tools that can help you create the best customer experience possible.
1. Help customers compare prices.
Your company isn’t the only one who wants information. When consumers are shopping around, they want to be able to compare prices and understand what services they’re paying for. You can help customers compare prices and give them a correlation of why your option is the best. This is a fairly common practice for competitive industries like insurance and electricity.
In Australia, for example, Australians are able to study different energy packages with comparison companies such as iSelect in order to pick the best provider for their families. A simple online search of “compare electricity NSW” can offer the resources available for people looking to get the best deal on insurance or electricity. By getting detailed information about the cost of their electric bill, these individuals can make the most informed choice. Predictive analytics can help show them visuals of their future costs.
2. Let advanced analytics take your company a step further.
Many companies have ways to analyze big data, but advanced analytics techniques go one step further. With predictive modeling, machine learning, and automation, you get a dashboard with all different visuals and metrics for you to peruse as a business user. This forecasting element of predictive analytics allows you to think in the future instead of just focusing on the now.
3. Use event-based architecture for easier web interactions.
When you are predicting customer behavior, you can interact right there and then. This is known as event-based architecture and it allows for easier web interactions for your customers. When they perform a task, you can use analytics to respond immediately so they aren’t waiting for answers.
4. Take advantage of machine learning.
Machine learning algorithms mean your software and technology are continuing to grow and change as it acquires new data. Predictive analytics take historic data and new complex events to develop a new sequence to follow. This benefits your customers because the automation helps you process their requests immediately.
5. Employ artificial intelligence in your call center.
Have you noticed how sometimes you’ll call into a business and have a full conversation with an artificial intelligence bot? Predictive analytics allows these bots and software systems to interact with customers in a natural way. This helps you save money on your contact center while connecting with customers in an easy way.
6. Track customer wants and needs.
Analytics are all about gaining insights into customer actions. When you can track and visualize customer wants and needs, you can make a plan for how you’ll meet them. Predictive analysis takes data sets and information and uses that customer data to the company’s advantage.
7. Fit a certain niche market.
With so much competition in every field, you want to find your niche and fill a need no one else is filling. Predictive analytics and data visualization allows you to find those gaps and fill them in. Finding your niche helps you carve out your own space within your industry.