Companies must commit to continually measuring and monitoring their return on investment on all projects, but especially their predictive analytics projects. ROI affects and impacts marketing, IT, and the contact center.
Taking too short a view of ROI can negatively impact a company. Too many companies feel that if they do not recover every dollar spent on predictive analytics – and then some – within 12 months, then predictive analytics is a waste of money.
Predictive data analytics are tied to the long-term, to the ROI Cycle. This cycle begins with customer data which feeds equations to predict customer value. From there the company can understand and predict customer attitudes, expectations, and preferences. Then marketing can avoid activities that devalue the customer relationship and focus on those activities that build customer relationship and value. Contact agents can find the best way to satisfy customers and reach out proactively to cross-sell and up-sell. The customer is more satisfied, so he recommends the company and its products and he spends more on the company’s products.
Here are some substantial „indirect benefits“ which translate to ROI:
– Ongoing and incremental gains
– Employee satisfaction
The amount and clarity of data generated can increase the quality of sales leads and, therefore, make sales teams more productive. Customer preferences for communications can make marketing efforts more effective. It also makes the people using them more productive.
Contact center agents have the most current information to up-sell and cross-sell additional products. Retention is more efficient than customer acquisition — and it is a major benefit of predictive analytics.
When predictive analytics give all employees access to the most actionable information, efficiency increases and productivity increases. Employees are empowered, effective, and happier. Companies win, customers win, everyone wins.Immobilienmakler Heidelberg Makler Heidelberg