That kind of knowledge can be a huge advantage when it comes to retaining them.
If you can keep your customers engaged with sound messaging, without being too intrusive, you can present yourself as a brand that cares about them, understands them, and respects them. Here are some of the key factors to consider when looking to improve customer retention.
4. Upselling and cross-selling
Predictive analytics capabilities can also help make cross-selling and upselling hr directors email lists efforts more effective and better targeted. Similar to how these types of tools can improve customer retention through enhanced messaging, they can also help you determine when to promote specific products or services to potentially receptive customers.
Predictive sales analytics provide valuable insight into your customers’ purchasing intent and preferences. And you can leverage that data effectively when trying to promote the right offers to the right customers at the right time.
Predictive analytics example
Salesforce’s latest State of Marketing report found that 79% of high-performing teams are currently using predictive analytics .
It used to be that only the largest companies, like IBM and Amazon, had the data and expertise to use it, but the technology is now available at a price point where it is more affordable for businesses of all sizes and insights can be obtained by business personnel without the same degree of expert knowledge.
Predictive analytics in sales looks at the past behavior of customers and potential customers to uncover patterns that suggest whether they qualify as prospects. It is not the same as marketing analytics, which seeks to create demand rather than generate revenue, two things that are often confused.
For example, if a company has always sold furniture, predictive analytics can look back at when the last purchase was made and the average life expectancy to see if they will look for something new, along with past interactions with customers to determine what style of product they will be most attracted to.
They could even see if someone has recently changed addresses as an indicator that they may be looking for something new. By doing so, salespeople no longer waste time on the phone with dead-end leads and can focus on only the most viable leads.
Predictive analytics makes it easier for reps to prioritize the right prospects and plan their outreach. It also means they are likely to follow up more consistently, leading to better sales.
