Identifying buying patterns with your customers to predict future purchases can be a very useful thing. Companies are using purchase information collected within their CRM systems to help them market more effectively to their customers.
By having a single view of all your customers within a CRM system that unifies data across all your systems into one can be a very beautiful thing.
You can analyse all the products that your customers have purchased. You can predict additional products that your customers will be buying based on similar patterns.
Many times I have had large retailers send me an email addressed as “Dear valued customer”. If I was valued then why don’t they know my name?
Wouldn’t you think if the email were more personable I would be more interested in your promotion?
By mentioning my name, you grab my attention. When you start talking about what I have bought before you get my interest. When you mention what other customers have bought and why, you generate strong desires. Couple this with a clever promotion and you got me spending my money with you.
With Microsoft Dynamics CRM system, you can run tailored promotions to customers alerting them to other complimentary products based on their history.
Predictive analytics with Microsoft Dynamics CRM data can also help you to estimate:
- The number of customers in danger of being lost.
- What products your customers are likely to buy together.
- Expected lifetime value of your customers (CLV).
When you have definitive CLV and understand your lead-to-customer conversion rate you know exactly how much a lead is worth, and how much you should be willing to spend on new leads.
So what is your customer life value?
Artificial Intelligence for Life 