Since 2008, we have been helping our customers learn how to get more sales from their current customers. One of the quickest, easiest, and most profitable ways to start is using the data you already have. Using data from your accounting and CRM system it is possible to determine which of your current customers can be made more profitable, more loyal, and which are the most likely to buy more from you. Learn more, Download our Case Study.
Contemporary Analysis specializes in using predictive analytics to forecast consumer behavior. Using a statistical technique called multinomial logistic regression, we can use patterns in your past data to predict future events.
One of the things we can predict are which of your current customers are most likely to leave on a scale of 0-100%. What’s useful about this is that it can help you neglect the outliers (those with a super low probability to stay are those who would require a lot of begging and pleading, and thus are probably not worth your time. Likewise, those with a super high probability to stay can be left alone – or targeted with a thank you program. It’s the ones in the middle, the fence sitters, who are prime for targeting in a marketing campaign or tempting with discounts or other special attention).
Another thing we can do is determine who would be receptive to upgrading to a better plan, account type, or a different product you sell.
Lastly, we can rank certain customers based on their likelihood to buy if only given the opportunity.
The companies who really get what we do understand that predictive analytics levels the playing field in business intelligence, where companies like a local magazine can become as smart as the Wall Street Journal, or the bank down the street can start to compete with the JPMorgan Chases’ of the world.
If you run a company with a moderately large (1000+) customer base who buy frequently, this type of customer analysis may be perfect for you.