Use Predictive Analytics to Take the Guesswork Out and Increase Upsells and Cross-Sells

One of the beautiful wins for a customer success manager is connecting the next product or the next level of service to an existing customer who will sincerely benefit from it, deliver increased value to their business, and improve your customer relationship. The customer gets more value from your product/service, and you are generating more revenue for your business.

In the past, the difficult part was not only identifying which product or service to offer for each customer, but identifying the correct one, showing the value it will provide, AND closing the deal. Messaging all offers to all customers will lead to some results, but the message won’t land if that product isn’t a right fit or if the timing is not ideal.  Sure, you may have some historic data and insights that you have found beneficial to planning strategies for the year, the quarter, the month.  But, how do you know you’re not overlooking the larger picture of what’s actually driving product or service upsell deals?  And who do you target first?

You’re not alone if you can’t confidently answer those questions. Which is why predictive customer analytics that use machine learning and AI have become increasingly popular.  Predictive customer insights can empower your team to present the right offer to the right customer segment, saving you and your team time and resources. It may sound like a heavy lift, but it’s likely much easier than you think. With Squark, predictions such as those can be made in minutes and without the need for a data science team.

All that is needed to generate which product or service you should offer next is your historical data, such as historic client purchases. Upload your data via an excel file or one of the pre-built connectors and in minutes Squark will handle all of the heavy lifting such as preparing your data and running hundreds of different algorithms to identify the one that works best for your data. That model then gets applied to the new data on which you want to generate predictions for – a list of customers that you’d like to send an offer to and their associated data. Squark will process all of the new customer data and deliver line-by-line predictions with the probability of the prediction occurring.

Customer success executives and teams are predicting the following for upsells and cross-sells: 

• Products and/or services that will lead to additional value
• Price for your cross-sell/up-sell to yield the most sales
• Bundles and features that will drive the highest LTV
• Which customer segments will be most likely to purchase

The power of Squark doesn’t end with the prediction. Squark provides the contextual data that shows you the impact of each of your customer attributes on your predictions, telling you what the driving forces are behind that particular outcome. That could be anything from the industry they are coming from, the type of contract they signed, the company’s annual revenue, the title of your POC, the CSM on the account, the account health, or something else entirely. 

With these insights, you can segment and approach customers that are the most likely to buy with relevant communications about a specific offer and significantly improve response, business results, and overall customer satisfaction. 

Predictive customer analytics can dramatically improve business impact by enabling the teams to focus today on what will matter to your customers tomorrow.