What Predictive Analytics Can Tell You about Your Customers

Posted by VOZIQ on March 31st, 2015

Predictive analytics is an important aspect of growing your business. It provides the data necessary to predict the behavior of your customers, so you can improve the way your frontline executives interact with them. Data for predictive analytics should come from previous customer interactions. You have to look at the profiles as well as the interactions of the customers to predict their behavior and anticipate what could happen next—so you can prepare for it. The concept of predictive analysis involves taking your existing data, unifying it with the dynamic customer interaction data, identifying certain patterns and then creating models to determine future actions, instead of merely analyzing the past using conventional descriptive analytics.

Predictive analytics uses various data mining, statistical modeling, and machine learning methodologies to study historical and recent data. This is how predictive analysts can predict what would happen in the future. This forward-looking approach gives you the advantage over your competition—and such advantages are more obvious in certain functions. For instance, call centers may be able to find new opportunities for revenue, increase profitability, improve customer service, and become more efficient in their operations because of predictive analytics.

Predictive analytics identifies patterns in interaction of call center agents with the customers and identifies areas where their performance can be improved. This reduces waste.

Customer satisfaction depends on several factors—the customer, the product, the agent, the call, and the issue. You may use the data that you collect and store about your market to determine how to talk to customers who are likely to call you to report an issue or inquire about something. In predictive analytics you need to use the existing data on previous or existing problems, the knowledge of the agent, the product, and the quality of the call to formulate ways of effectively dealing with certain types of customers.

Take note that while predictive analytics may be used to predict customer behavior, it can only tell you what ‘could’ happen instead of what ‘will’ happen. For accuracy, be sure to work with a data gathering and customer intelligence company that goes beyond traditional methods. You want a solution that monitors conversations and gathers high quality data from blogs, social sites, niche websites, comments, online discussions, and online news reports.

About The Company:

VOZIQ is a customer intelligence solutions provider company that provides cloud-based, customer intelligence solutions that help businesses enhance customer experience, increase sales and revenue, retain customers and increase operational efficiency. VOZIQ’s predictive and text analytics technology helps you unify and analyze data from call centers, customer surveys and social media conversations.