Even though we all dream of the ability to know what will occur in the future, it seems absolutely impossible at this point in time. So, for now, predictive analytics is the closest thing we have to looking into the future. It allows us to discover information from existing data sets in order to determine patterns and predict future outcomes and trends. Predictive analytics aids CRM systems in a significant way! With its ability to calculate customer behavior, boost communication efforts, capitalize marketing strategies, categorize customer spending and maintain repeat customers, you will be able to predict the future of your CRM system.
This is a great asset to any organization due to the ability to understand whether the company is headed in the right or wrong direction. It allows for the capability to steer the company in the desired direction once the prediction has been made. For example, with predictive analytics you will be able to tell which customers opened a particular offer and how much they spent, in order to understand what would cause them to become a repeating customer.
Michael is the Lead Author & Editor of CRMSimplified Blog. Michael established the CRM blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to CRM.