Ways to Cut Costs with Predictive Analytics

Targeting the right customers and save money along the way. Is it possible?

You and your organization learn from its experiences. Models for predictive analytics rest atop existing customer data, gaining insight from information your company already has. Yes information you already have at your finger tips or should if you are doing any kind of data collection on your existing clients. If not, start. Because of its base in operational data, predictive analytics, a business intelligence technology that produces a predictive score for each customer or prospect, has the most potential to positively influence operational decisions.

With nine different applications for predictive analytics you can target the right customers and save money along the way.

response modeling
customer retention
product recommendations
online-marketing optimization
behavior-based advertising
email targeting
insurance pricing
credit scoring
lead scoring


Larson note: To know or not to know that is the question. If you knew the demographics of your perfect customer and had a way to profile them and then find more of them would you? You bet your sweet bippy you would. That and ask (or look for more). If you know who you want and don’t waist resources putting your message in front of them, your ratios of prospect to client conversions are vastly in increased giving you the kind of numbers other’s can only dream to achieve. You need to start by picking out your top 10 clients. Making a thorough examination of them then clone them through market research and then perhaps buying a list.

Then continue to research the kinds of people buying form you, New buyers in addition to old clients so you can get deeper into the minds of those who you now use your service.

I’m not saying you don’t want to continue to marketing and sell to existing customers. They are your best source for your next sale or getting excellent referrals. What I am saying is that by knowing and understanding them you can create a marketing structure of different channels designed to find and attack more of the same in ways that your nitch finds attractive.

Howard Larson
Larson & Associates
Target Marketing & Telesales Professionals for new account acquisition
Making good businesses great and great businesses even better
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