MaritzCX Launches PredictionCX to Boost Customer Retention
MaritzCX, a provider of customer experience (CX) software and services, today released PredictionCX, a technology designed to help businesses anticipate each of its buyers' behaviors and preferences so they may better cater to their individual needs and, ultimately, increase customer retention rates.
According to Justin Thompson, vice president of strategy at MaritzCX, PredictionCX helps companies tap into the feedback provided by the minority of customers who respond to NPS surveys and the like, and leverage it for insights regarding the "silent majority"—those who tend to hold back their opinions, but also hold the greatest "wallet share." Using predictive modeling, the system can access the transactional or relational survey data a firm collects and apply it alongside customer attributes—such as ethnographics or demographics or other data elements—to draw conclusions about various segments.
With the system's aid, companies can make educated decisions regarding how to best manage their customer-facing resources and tend to the areas of each customer relationship that will benefit the most from added attention. The goal of this method is to help organizations hold on to their existing clients by inspiring their loyalty, recover those who are at high risk of churning, and continue to grow as a result of these efforts. "Retention is typically the biggest opportunity for any business outside of cross-sell or timing opportunities," Thompson says. "So that's where we focused most of the proposition—around churn and the opportunity to save customers, especially as we could be heading into a changing economic environment."
Thompson explains that "what's really cool about the solution" is that, in addition to giving users the predictions, and the probability of each prediction, it also shows "the CX recipe that afforded that prediction." With such information at hand, Thompson says, "you can be very specific to the customer both in phone call and in digital outreach around why they may be about to behave a certain way. We're essentially creating segments from these recipes, where customers have commonalities that are really combinations of experiences that you need to avoid putting together."
Thompson says that what separates PredictionCX from the offerings of competitors is that it is enhanced by "data science expertise." Most self-service solutions of this kind assume that the organization holds a skill set that enables them to operate the systems without assistance. Further, "our solution is the only one that's going to seamlessly integrate predictions back into our platform, and then...back to CRM, marketing automation, or email service provider solutions," Thompson adds.
In a statement, Carine Clark, president and CEO of MaritzCX, stressed the importance of combining "survey results with organic sources of customer data":
"Customers are telling businesses much more than they realize. If you're not leveraging this customer data, you're leaving opportunity and money on the table. Organizations that combine survey results with organic sources of customer data will be able to predict what customers need—without having to ask."
While PredictionCX is still in its early days, Thompson sees an opportunity to evolve it to the point where it can work autonomously to identify patterns without requiring the user to configure it. The goal is to make self-service predictive analytics more accessible, and create a system that is "running in the background 100 percent of the time," Thompson says.
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