Brands are starting to utilise their investments in predictive analytics to better personalise experiences at scale in a field that is known as predictive engagement.
According to an Investigates study by the Which-50 Digital Intelligence Unit conducted in partnership with Genesys, predictive engagement helps organisations drive more intelligent customer engagement.
- Download Which-50 Investigates – The Shift to Predictive Engagement. Produced in partnership with Genesys
- Read More: Cover Story: Which-50 Investigates: Mastering Predictive Analytics Will Enable Predictive Engagement
Executives from businesses that use predictive engagement told the study’s authors the techniques gave them the ability to adjust marketing campaign budget spends across market segments in real time according to how they were performing. They also said their most valuable customers and prospects could be identified more rapidly and delivered more tailored personal experiences in real time.
Those who mastered the art of predictive engagement found customer satisfaction increased significantly. For example, wearable wireless sensor provider Shimmer said it recorded a 14.6 per cent increase in under 10 days after implementing predictive engagement platform. Shimmer also saw customer interaction grow by 78.3 per cent without the need to increase sales and marketing staff. (It utilised the Altocoud platform from Genesys, which was a partner in the research.)
Shimmer indicated it implemented the predictive engagement platform to reduce purchase timeframes and improve customer experience.
Another benefit revealed in the study is the ability to proactively optimise marketing and sales programs and scale resources to ensure effort was not wasted on initiatives. This benefits included increased in net promoter scores and better conversions which ultimately led to growing revenues.
The report also cites a case study from a large European Bank which revealed that within two months of implementation, it more than doubled its mortgage applications from two to eight per week, on average.
Subsequent to the implementation, up to 11 per cent of its online chats now result in conversions and customer satisfaction grew to an average of 4.43 out of 5.
The data gathered also allowed the bank to create more targeted chat solutions for its 300,000 weekly site visitors.
Bank executives also wanted to improve customer experience across branches and online channels, improving its mortgage application and approval process
It now also has the ability to measure ROI and follow the customer journey in real time — from referral source to pages viewed, conversions and outcome tracking. Pain points are now identified, revealing the exact time and point customers chose to abandon their journey.
A spokesperson for the bank said, “Customer care, sales, and marketing were streamlined for better business outcomes. The bank organised 199 scheduled callbacks, 27 branch appointments, and two mobile advisor appointments.”
On another example form the report, an executive at an auto retailer said predictive engagement allows them to identify opportunities more efficiently, driving customers closer to conversion.
“Our modeling allows our customers to make a more informed decision about what is a fairly major purchase – in this case buying a car,” they said.