Predictive analytics leverages a variety of techniques that use current and historical data to make predictions about the future. Predictive analytics has tremendous value for customer experience management by confidently detecting unknown or future issues to mitigate risks and take full advantage of growth potential.
Below are three examples of how predictive analytics can be used:
- Predicting customers who are not likely to renew enables the organization to take preemptive actions to increase renewal potential and drive top-line growth.
- Predicting customers who are likely to purchase new products creates efficient targeting and faster market penetration of emerging technologies.
- Intervening with customers who are likely to be dissatisfied with their support case mitigates the negative impact on overall loyalty to the company.