Machine learning is gold for SaaS businesses. It uses historic data and current trends to provide valuable insights into your customers.
SaaS businesses depend on their loyal customer base and to create a loyal customer base, you need a high customer retention rate and to retain more customers, you need to understand them and offer what they want. It is a cycle that could help your SaaS business grow.
McKinsey Global Institute did a study on additional value created by machine learning and AI. They predicted that AI and Machine learning will create $2.6T in additional value in Marketing and sales and around $2T in manufacturing and supply chain planning by the end of the year 2020.
ML is your key to gaining deep insights about your customer and then impressing them using personalized targeting.
As per an MIT Technology Review Custom Survey, ML helps your business get 45% better data insights and 35% faster data analysis. ML not only delivers correct but also quicker data. A lot of SaaS businesses are merging in the world. You have to stand out and become a leader in your niche.
Machine learning also provides a 26% competitive advantage ensuring that you have the edge. Machine learning helps in forecasting and identifying future trends as well.
Once you have recognized a customer's purchasing behavior and interests, it will be easier for you to offer them value and satisfy them. You understand their needs using machine learning and provide them with what they want. This convinces your existing customers to stay and enjoy your products and services. The mantra is to understand “why would a customer leave?”, Machine learning will help you find the answer through customer personas, purchasing behavior, future trends, etc.
It is time for you to take advantage of this technological advancement and progress with your existing customers.
Remember, machine learning works best when handled by professionals. Adaptive pulse will help you retain your existing customers. We will give you everything you need to improve customer retention. You can use the analytics to strategize the retention plans.
Feel free to reach out if we can help you with your qualitative customer intelligence or for a blog topic request to [email protected] or visit our AI Solutions page!
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