Foreseeing a problem long before it occurs, and acting on it to prevent losses, is a fundamental principle of business. This is an especially acute problem in the smartphone industry which sees a lot of product-return within the free-return window. Though most customers claim that the reason for the return was the handset not working properly, research has proven that very often it is due to the user being unable to. There are manual methods to pre-empt this, by for example speaking to customers after they buy any product. There are some tools such as Best Buy Geek Squad or Apple Genius, but it is time-consuming. So, the best method is the use of business analytics using a predictive model. The intervention could help convert a potential returner to a non. An experiment on this will even reveal which intervention model will work best. The best part is that analytics these days leads to huge quantities of data warehousing. With each such operation, brands can always gauge which segments require max intervention and what methods are most successful.

Source:https://hbr.org/2018/05/using-analytics-to-prevent-customer-problems-before-they-arise

Uploaded Date:05 June 2018