Predictive Analytics: A Customer Retention Game Changer
Prospecting into net new accounts is one thing. Selling to and keeping your current customers is something else altogether. On average it costs 5 times more to acquire new customers than it does to keep current ones. The ability to predict when high value customers are likely to defect, can be the difference between business success and failure.
The stronger your insight into your customer preferences and their journeys, the better your retention strategy. Predictive analytics utilized to monitor the buying intent of your current customers, lets you know which customers to target next for new products. Deploying predictive analytics also makes it easier to identify your “at risk” customers who may be researching a competitor’s solution.
Immediate Response to Competitive Situations
AI-powered predictive analytics can also alert you to those customers at risk of attrition. Monitoring which keywords your customers are searching, what sites they’re visiting and what content they’re viewing, can alert you to when a customer is indicative of a high intent of defection. Monitoring at-risk customers with ongoing behavior and purchasing patterns, MRP Prelytix gives you the data you need to alert your sales & marketing team when accounts are showing activity around competitive offers. You can then program your immediate response to competitive situations and reduce your customer churn rate.
Smarter Retention Strategies
Using data collected from your customer’s journey will give you a complete view of the purchasing patterns behind each customer account you have. Utilizing a two-dimensional machine learning algorithm that combines customer intent signals and pre-purchase research patterns with past practices and behaviors using CRM, POS and first party databases, MRP Prelytix offers you a complete view of your long-term customers intent. Not only will this assist your retention strategy, you’ll be able to see what worked, what didn’t, and what needs improvement. Your strategy gets smarter with every sales cycle.
The goal for any sales team is to spend more time selling and less time trying to find the next prospect. AI-assisted technologies such as predictive analytics and machine learning will give your sales reps the insights they need to identify total addressable market, prioritize the accounts most likely to buy, and ultimately retain more clients.