PLAN

Find new customers

ACQUIRE

Target customers, verify identity and assess risk and potential

MANAGE

Control customer applications and information

RECOVER

Control payments and reduce bad debt

Predictive Modelling

Analyse customer behaviour and predict future actions

Predictive Modelling is the process of discovering patterns of behaviour in your customers', or the markets, behaviour that allow you to apply a probability of future behaviour to various segments of your customer base, or the wider market.

This modelling enables you to identify segments of your customer base, or the market, based on these probabilities, that may be:

  • More or less profitable
  • High or low level consumers
  • Likely to purchase additional products
  • Have preferences for particular sales and service channels.

Predictive modelling can help you refine your targeting and get the most out of your sales and marketing activities for both existing customers and new prospects. Predictive modelling increases your chances of building market share in your preferred market segments.

When to use Predictive Modelling

Predictive modelling can be applied at every stage in the relationship lifecycle-from planning and acquisition through to customer management and retention.

When acquiring new customers, predictive models of demand for your product or service help find prospects more  likely to have an immediate, or a short term, need for your product or service. Predictive modelling may also assist with determining the most likely channel a market segment will respond to, or through. Overall predictive modelling helps you optimise your marketing spend by targeting customers and prospects who are likely to be more profitable.

Veda's advantages in Predictive Modelling

Veda has breadth and depth of experience in predictive modelling; these techniques have been used extensively in many client projects over the past 15 years. Rather than being tied to a specific vendor or modelling technique, Veda matches the most suitable approach to each specific client problem.

The quality of data used will have the greatest impact in the quality of the final model. Veda is uniqueoly positioned in the market with core comptencies around data integration, data management and data analysis. Veda's team of analytics professionals, statisticians and consultants have extensive experience in building high quality solutions that use predictive modelling that will help you realsie tangible business benefits.

Click here to download the Case Study

What else do I need to know?

Note that as a user of this or other data products, particularly those that may involve use or disclosure of personal information, you would need to comply with the Privacy Act 1988 and other applicable data protection and privacy legislation.

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