In Accountancy Focus, the predictive modelling team focus on using cutting-edge statistical techniques, applied to large data sets, to provide a degree of certainty in an uncertain space.
We build models to inform budgeting, marketing, strategy and more. The examples below should give you a better idea of just some of the things we offer.
Are you a business that relies heavily on return/repeat customers? Every month, across every business and industry, customers leave for a number of different reasons. What we aim to do is identify who these customers are before they leave, so you can prevent it happening in the first place.
Often, the cost of acquiring a customer to your business is much more expensive than the investment you’d make in retaining them. We work with you to optimise this investment so you target the right customers, at the right time, ultimately saving you time and money.
Lifetime Value Modelling
OK – so you know what message you want to deliver to the customer. You may be promoting a new product, service or loyalty programme. You know that each customer is different in terms of the value they deliver and so you reflect that in your offering e.g. you’re a cafe and in your loyalty programme, you give a regular customer a free coffee but a higher value customer a free coffee and scone.
This is all well and good when you know how valuable your customer is. Often though, we don’t have that kind of information on new customers. What we do is build models that predict the future value of each customer so you can make better investment decisions from the outset.
Propensity Modelling / Up-Sell
Do you have a range of products in your business? Would you like to see your customers engage with more products than they do currently and see your revenues increase? A marketing campaign is the way to go, right? But who do you target and what do you target them with? Do you chance a blanket marketing campaign and run the risk of annoying or offending customers and spending more than you need.
A propensity model will help you to build a more sophisticated marketing plan. We’ll identify which of your customers are most likely to engage with each product leading to more relevant, customer-centric marketing.