Unforgettable is a customer experience education program focused on delivering fresh content weekly to give business leaders what they need to succeed in a customer-driven, digitally-disrupted world. The program brings together the expert minds of Jay Baer, Shep Hyken, Jeanne Bliss, Ian Golding, and Blake Morgan to spotlight modern customer experience excellence. Get the latest content by bookmarking smartercx.com/unforgettable.
In this episode of Unforgettable, Blake Morgan covers a powerful new tool that can be used across industries and departments: predictive analytics. Watch or read to learn how to more accurately predict the CX future!
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In the past, analytics would only be able to look back at past behavior and make an educated guess about the future. But now with advances in AI and machine learning, we can use predictive analytics to create incredible, accurate predictions of the future. This has proved powerful because it enables us to incorporate data in real time and provide real-time insights to our business stakeholders who need this data to provide better customer experiences. And the beauty of predictive analytics today is being able to look at behavior and predict the future in a way that’s more accurate than we’ve ever been able to do before.
We can, for example, predict flight risk factors. So, we can look at what might drive customers away. We can also use predictive analytics in our call center to make sure that we keep our call center volume down, or if we’re going to have an influx in customer inquiries, we can staff up and be ready for those customers.
Predictive analytics is proving very powerful for companies such as in pharma, where, if you want to bring a new medicine to market, you do clinical trials. It can cost billions of dollars and take eight years to bring one medicine to the masses. That’s not very efficient. So now with predictive analytics, big pharma companies are using predictive analytics in clinical trials to provide better, more accurate results and bring medicine to the masses faster.
This is just one example of the beauty of predictive analytics. It can be used across your business, whether you work in customer service or marketing. I encourage you to think about how you can use better, more accurate analytics, predictive analytics, to help predict future outcomes, future customer behavior, and it will make for more accurate and efficient business process and an improved customer experience.