For brokers looking for an edge in helping to keep current clients and recruit new ones, analyzing and mining data is an emerging area, and those brokers who take part are improving business practices, prospecting and client retention.
Businesses of any size can tap into analytics to improve business practices both internally and externally, explains Jonathan Moran, principal product manager for customer intelligence at SAS, a Cary, N.C.-based developer of analytics software and the world’s largest privately held software business. “Many of the same applications of data analytics that your organization’s marketing department might do can also be tweaked and leveraged to better serve your internal customers — the employees — and existing clients,” he says. “For client retention, a company can mine data from customer service records, be it call center conversations or on-site appointments, and then apply analytics as an effective tool to predict what a client’s next concern might be. By being proactive in addressing potential issues, the business is more likely to retain the customer.”
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