Cashing in on a Truly Educated Guess
Olsen Thielen Technologies, a Microsoft Gold Certified Partner, recently published an article for their newsletter "Bits & Bytes" titled: CRM:Cashing in on a Truly Educated Guess. In the article, OTT discusses the prediction of customer behavior as a way to cash in on CRM .
"With technology’s increasing ability to track customer behavior, however, we’ve discovered that history is a more accurate predictor of the future than profiles. Therefore, CRM strategy involves making a truly educated guess at what the customers will buy based on what they have bought or what other customers like them have bought."
OTT points out some interesting areas where CRM and predictive analysis can make a difference including:
- Targeting market segments by order history
- Rescuing “at risk” customers showing a reduction in activity
- Tracking product or service lines that customers have been offered and their interest level
- Cross-selling and up-selling customers according to other similar customers
- Adjusting sales and marketing strategyies according to behavioral predictions
Large scale businesses have been using predictive analysis to maximize the value of their CRM data for years and the benefits are no secret. ProWorks is excited that business solution providers targeting small to mid-market businesses like Olsen Thielen are recognizing the value of CRM analytics.
