The challenge for retailers is determining where to focus their predictive analytics and decision management efforts. They need to understand the real-world decision-making scenarios that predictive analytics can address across three strategic areas – building customer engagement and loyalty, controlling costs and driving a successful strategy for growth.
Building Customer Engagement and Loyalty:
- How do I find my most profitable customers and build deeper relationships with them?
- How can we predict which products will be most popular among our regular shoppers?
- How can I build stronger customer loyalty than my competition?
- How can we reduce fraud-related expenses?
- How can we make operations smooth and efficient?
- How can I use analytics to reduce back-office staffing?
Driving a Long Term Strategy for Growth:
- How can I build a marketing strategy that maintains its effectiveness?
- How do I send out fewer offers and get more responses?
- How do I find out which promotions will work and which will not?