Financial services, retail, utility and government organizations are all looking for an edge in communicating with their customers. Customers today get plenty of communications, and the trick to engaging them with your brand and your products is to cut through the clutter and be noticed. Using analytics to target your customer communications is a key way to do this.
Customer communications include statements, correspondence, bills, invoices and even advertising or flyers. Customer communications can be delivered through multiple channels, and in multiple formats – on the web, in emails, on smart phones and tablets and in paper format. The key is to personalize and target your messages to your customers. This will help your communications be noticed and perhaps even acted upon.
In this blog post, we will look at how to use predictive analytics to improve your customer communications. In the next post, we will take a look at how data visualizations and reporting in customer communications can improve the experience for your customers.
Using Predictive Analytics
Predictive analytics takes mounds of data, reveals trends, and transforms data into information. This information can come from a number of sources that include the user’s web or physical navigation patterns, their buying history, reaction to the previously presented offers, and relevant demographic information. The information from these sources can be used to target customers through physical or electronic communications with them. Examples of such targeting include:
- Placing a personalized ad on a banking statement that provides specific information on products and services for a specific customer, based on their demographic, family, financial and risk profiles.
- Using segmentation to develop targeted emails for different consumers, based on their historic buying patterns (physical or electronic in origin) with a retail organization.
- Analyzing engagement history and using this information to determine a course of communications with customers who appear to be disengaging from the brand and may eventually move away from the brand.
- Determining what the next purchase is for an individual, based on past history, and presenting an offer or coupon to the customer to encourage sales and loyalty.
With relevant communications, customers do not feel their time is wasted; they will develop a positive image of your brand, and they will continue to engage with it.