Sounds fancy, but it’s not
A long time ago … How long? Depends on who you ask, if you ask my teen she would ask “Wayyyy back in the 1900’s?” However it was not that far back but, it was long enough that Netflix has made a documentary about it! So there’s that. Anyways, here’s the story……. In 2007, Guess Girl and Playmate Anna Nicole Smith died. It was everywhere. I bet you remember it!I Even if you didn’t know who she was before she died, you knew when she died. Remember this was 2007 – Facebook was only three years old and the first selfie had not been taken and I was a brand new college graduate when she died, but I remember reading about this exchange.
A group of people were talking about her death, and one guy says, “Are you following the Anna Nicole Smith story?” and another person cleverly responds, “No. It’s following me.”
And now that I know what I know about data analysis, algorithms and data tracking, he was right. The story was following him and now that technology has improved, all stories are following you. But why are they stalking you and what are they using the information for.
Companies use “following” for many reasons, but mostly for Predictive Analysis.
You collect a lot of information about your customers, yet learn how can you turn this data into actionable insights that drive better customer experiences? This is where predictive analytics comes into play.
Predictive analytics involves harnessing historical data, statistical algorithms, and machine learning techniques to forecast future outcomes or behaviors. You research an Escalade, and suddenly, you see advertisements for cars and car dealerships pop up on every page on the internet.
In the realm of customer experience, predictive analytics holds immense potential for helping businesses anticipate needs, mitigate risks, and personalize interactions in real-time.
One of the key benefits of predictive analytics in customer experience is its ability to anticipate customer needs. By analyzing past interactions, purchase history, and browsing behavior, businesses identify patterns and trends that indicate what customers are likely to want or need in the future.
For example, a retail company can use predictive models to forecast which products a customer is most likely to purchase based on their past buying behavior. Armed with this information, businesses can proactively recommend relevant products or services, enhancing the overall customer experience and increasing the likelihood of a successful sale.
Predictive analytics also plays a crucial role in identifying potential churn risks.
By analyzing customer data and behavior, businesses can pinpoint customers who are at risk of churning or discontinuing their relationship with the brand. This could be due to factors such as declining engagement, dissatisfaction with products or services, or changes in life circumstances. With predictive analytics, businesses can intervene before it’s too late by offering personalized incentives, targeted promotions, or proactive support, thereby reducing churn rates and preserving customer loyalty.
Predictive analytics holds immense potential for enhancing customer experiences across industries. By leveraging historical data, statistical algorithms, and machine learning techniques, you can anticipate needs, mitigate risks, and personalize interactions. Whether it’s forecasting customer preferences, identifying churn risks, or delivering personalized recommendations, predictive analytics empowers businesses to stay ahead of the curve and deliver exceptional customer experiences that drive loyalty and satisfaction.
Here are some of my favorite analysis tools for your website to help you gain some insight on your visitors.
