Increase the effectiveness of sales and customer care with text analytics, focused on profitability and share of wallet.
Do your systems churn out millions or billions of data that lie idle? How do you work with it? Do you want to use it to increase your sales effectiveness, segment your clients, or reduce risk? At Adastra we know how to do it all.
We combine business consultations and advanced analytics, supported by data science and machine learning techniques. We successfully implement such tasks as:
- Customer potential analysis for sale of products and services (next best action/next best offer)
- Customer behavior analysis (on the web, in internet/mobile banking, product use lifecycle)
- Analysis of use of communication channels (omni-channel)
- Analysis of customer-company interactions (customer journey)
- Analysis of customer events and subsequent response by the company (context marketing)
We will mine your data from miscellaneous areas, and can even work with newly generated data. Thanks to big data platforms we can process big data, combine data from different sources, and prepare a complex picture of your clients. We also enrich your own records with available third-party data and expand your data possibilities with big data processing tools.
Imagine that instead of hundreds of attributes, you will have a large set of predictors in the scope of thousands of columns. You will be able to describe each client from different viewpoints, capturing major changes in their behavior, needs, and communication preferences. Our probabilistic models will recalculate the client score in case of any change to the input data. As a result, the effectiveness of your marketing activities can grow exponentially.
We can also work with text. At one bank we were able to use transaction descriptions to identify accurately customers with school-age children so they could be offered authorized overdraft at the beginning of September. The expected conversion rate based on the bank’s previous experience was 0.5%, while the actual conversion rate exceeded 6% – in other words, our result was over twelve times better.
When can you use text analytics?
- To analyze the writer’s sentiment (product or service evaluation analysis, Net Promoter Score evaluation analysis, analysis of posts in discussion forums and on social networks, etc.)
- To categorize key information in text (classification of email messages to be processed by dedicated staff, categorization of financial payments based on descriptions, etc.)
We can categorize all transactions in detail. We search for undiscovered connections within the data. The application of text analytics often results in new indicators, contributing to higher marketing or scoring effectiveness.
10 times more successful than the use of standard procedures without text analytics – the campaign in question offered loans targeting families with school-age children in September. (Adastra)
Increasing customer value
The ability to win and retain clients and develop relationships with them is a key principle of successful growth. This can only be successfully achieved if you have an excellent knowledge of your client, from their risk rating and family situation to their product preferences and favorite communication channels. Based on those data we can determine the customer’s corresponding lifetime value and a strategy to enhance that value.
Do you know how to recognize if a client brings you profit, and how much? It may seem trivial at first sight, but in most situations the solution is quite complex. You can start with financial revenue and the amount of discounts. However, the detailed profitability of each product and customer differs because of different costs of acquisition, costs of communication with the client; you also have to take into account product operation costs, operation of administrative departments, etc. Partner with Adastra to perform complex tasks – we have experience from banks large and small.
Share of wallet
What if you know your client has an account or uses the financial services of another bank? Try to estimate their potential and calculate your share of the customer’s wallet. That way you can start working with a tailored strategy to increase the number of your products and services in the client’s overall wallet.
Would you like to get a solution customized to the needs of your company? Contact us today.
Get more info today, start implementing tomorrow.
We will contact you as soon as possible.