With everything going on in the world today, businesses find themselves in new and uncharted territory. Given what industry your business is in, some loyalty and customer marketers have had a very challenging year trying to forecast outcomes and keep retention numbers high despite so many external factors impacting projections. As a result loyalty and customer marketers have taken an interest in predictive analytics to help them address some of their challenges by using their data to craft forward-looking offers, programs, and forecasts.
Relying solely on historical data to predict retention, any upsell or cross sell opportunities, or even your churn number may feel impossible right now. Luckily, emerging software companies are making these heavy workloads feel a bit lighter. No code predictive analytic software was invented by Squark and has become a popular tool the second half of this year for those exact reasons. Your historic data doesn’t currently help you plan because this past year may look like a bunch of scribbles on paper that was crafted by a three year old, lots of ups and downs.
So how do you stay ahead? How do you know which customers will respond to your offers, how are you predicting that outcome? How do you currently score for loyalty, is that model even accurate right now? Lastly, the number that we all check daily – churn. Do you have any data-backed churn indicators? Or do you know when your team should be reaching to at risk customers before they send that “I’m sorry but…” email to their customer success rep?
Below are only three of the many ways loyalty and customer marketers are applying no code predictive analytics to their day-to-day and planning routines to stay ahead of this rapidly changing business environment.
- Identifying which customers will respond
The simplest way to understand a future customer outcome is to classify them based on likelihoods to do something, like download a white paper or attend a virtual event. Predictive software such as Squark, can predict any event for which you have data on. This allows you to plan a bit smarter based upon the predictive data outcomes. You’ll be able to hopefully increase conversions and have more confidence in obtaining your program goals.
- Scoring Customer Loyalty
You may already generate or create a unique customer loyalty score. Whether using rules in a system like your marketing automation or CRM, or even your own mechanisms and logic. In that case, Squark can take your scoring model to the next level with predicting drivers and forecasting future loyalty. Using complex scoring systems from customer lead score, NPS, or a combination of a few systems you can confidently predict who is likely to be retained and what offers will keep them converting.
- Predicting Churn
With historic data about which customers have lapsed or stopped entirely being customers, it is possible to score exactly who will churn and why. Armed with this knowledge loyalty and customer marketers can ensure at-risk customers are addressed sooner and quickly to mitigate revenue loss. Knowing who may be at risk you can craft a tailored program just for those accounts to make sure you stay top of mind and open dialogue. On the other hand, it’s nice to have that information so that you can actively pull them out of other campaigns that may not be suitable for their account at that time.
There are many other use cases where no code predictive analytics can support loyalty and customer marketers. However, these three examples are being used more and more so that it can take the guessing out of planning and make the most out of every marketer’s time.
With shifting strategies and new priorities, it can be a lot to support and very time consuming. Take advantage of no code analytics to reclaim lost time due to data prep and cleaning, analytics, and projection planning. Be confident in your programs’ success. And lastly, software such as this allows you to create programs ahead of the curve so that you’re offering items or services that your customer is likely interested in, creating a happier and healthier client base (and hopefully NPS).