Our news and views relating to Data Analytics, Big Data, Machine Learning, and the world of Credit.
Negotiation is a common activity in our daily lives. It’s human nature to try to influence others to achieve a better or advantageous outcome for ourselves. It’s ultimately an exchange of value. And if done well, it can leave both sides feeling like they’ve won. In my practice area of Collections & Recovery Solutions, negotiation is a critical tactic used in every engagement with a debtor. In fact, it’s so critical and core to the success of a Collections organisation that it merits a discussion with the ultimate negotiator to see if there are tips and techniques that can be learned and applied in Collections.
As a Marketer or Customer Engagement professional, imagine the cost-savings if you knew who in your database or lead list were likely to be the most profitable customers or most likely to respond? Would you bother mailing a list of a million contacts if you knew that only 100,000 of those contacts were worth targeting and very likely to respond? Innovation is not necessarily the invention of something new, but be the result of finding a new use for an existing product, service, methodology or practice. Take the use of predictive scoring in Marketing. Scoring is no longer only about identifying credit-worthy customers, but is now being used by marketers to identify "target-worthy" leads or customers.
The call centre world, unsurprisingly, ranks as one of the highest adopters of data analytics platforms year on year. This is largely due to the invaluable insights we gain through the analysis of thousands of calls received each day by the typical call centre. With speed being of the essence in making the right decision at the right time for each caller many call centres are turning to machine learning to automate their data analysis and make crucial customer experience decisions within seconds.
The amount of data now available to us is overwhelming: every two days we create as much information as we did from the beginning of time until 2003. As a Marketer, the challenge is determining what data is useful and how to turn it into marketing wisdom that leads to customer retention and growth. Considering that it costs 5 times as much to on-board a customer than it is to retain one, companies would do well to leverage their data to develop and drive retention strategies. In this post, I look at 3 ways data can be used to build and drive customer retention strategies that result in reduced churn rates and open new avenues for meaningful engagement with target markets.
Effective communication helps us better understand and connect with those around us. It allows us to build trust and respect, and to foster good, long-lasting relationships. Imagine having this ability to connect with every customer (or potential customer) you interact with through communication that addresses their motivators and desires. In this blog post, I take a brief look at ‘customer segmentation’ and how it can foster the type of communication that leads to greater customer retention and conversion rates.