PA’s Steve Black, business intelligence expert, is quoted in the Financial Times, The Connected Business special report. Steve gives his view on analysing customer trends through social behaviours. Steve argues that companies should not be too reliant on historic data.
“The next step is to use behaviour analysis and predictive modelling to adjust pricing or provide other incentives in real time.”
“For example, when a computer game goes on the market, the system could begin assessing how much volumes might increase with a 10 per cent price drop. Similarly, call-centre agents can key in information about customers while talking to them.”
Steve goes on to say how the analysis of customer behaviours can immediately influence actions: “The software can compare this with what it already knows about the individual and suggest fresh offers the agent can propose during the conversation.”
Steve gives an example of a company that has used real time analysis techniques: “Google has put lots of effort into this. It is enormously powerful.”
Steve also gives an example of a brand that used prediction techniques to its benefit, commenting that Apple got it right with the iPad because it built lots of versions for people to test: “With physical manufacturing, you have to commit to making 100,000 products, unlike putting an ad on Google. There is nothing you can do with analytics that overcomes having to build prototypes.”
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