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November 22, 2023
While there’s no infallible, all-encompassing business “crystal ball” or clear window into customers’ minds, there is predictive analytics. By reviewing historical data on sales, customer behaviors, buying patterns and more, businesses can better understand what customers really need from and value in their offerings and move beyond “best guesses” when planning new products, updating services and even developing marketing content.
When customers sense that a business is working to anticipate and better serve their needs, they’re more likely to become loyal fans and recommend the business to others. Below, 15 members of Forbes Technology Council discuss ways businesses can use predictive analytics to directly or indirectly improve the customer experience.
“Predictive analytics can help leaders create the ultimate tech roadmap and help a technology business optimize the customer experience by helping leaders understand how customers are leveraging the company’s product or service. It enables tech businesses to predict what customers are going to need to drive their objectives, based on data and trends the system has previously deployed. This predictive state, based on tactical successes and data metrics, shows where the tech needs to go.” – Michael Koch, HubKonnect
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