Efficiently up/cross sell, predict customer lifetime value, and score potential leads.
Detailed Lead Scoring
With predictive analytics, past customer acquisition data can be used to predict which current leads are most likely to become customers. By helping inform the next step in marketing or selling to a prospective lead, using Myriad can lead to lower cost for customer acquisition and higher acquisition rates.
Lifetime Value Prediction
With Myriad, you can take the historical data of each customer and use it to forecast the future lifespan of your relationship with them as well as how much revenue that relationship is likely to bring in. These estimates can help you to set budgets for customer acquisition, giving you a more accurate and expected ROI.
Up and Cross-selling
Using the available data about customer buying behavior, businesses can upsell, cross-sell or combine both to increase profit. For example, if you know that 30% of customers who buy product A from you come back to buy product B within six months, you can then market product B to customers shortly after they buy product A to speed up that process and capture those who might not have otherwise considered purchasing product B.
Churn (Attrition) Rate Prediction
High churn rates can be the death of any company. With customer retention costs typically being lower than customer acquisition costs, businesses are always trying to minimize churn. With predictive analytics, you can identify the warning signs that alert you to the loss of a customer and allow you to provide the necessary follow-up or nurturing before it’s too late.