While success doesn’t come easy for most
start ups (unless of course you have played all the right cards); most startups
see a dead end within a few months of starting.
In many cases, the reasons for this early
shut down are – ambiguity of goals and objectives, inability to implement the
ideas effectively, creating the right market and finding the right customers,
and of course lack of funds.
How, then can start-up entrepreneurs avoid
running into such a situation?
Technology, in particular, “Predictive Analytics”
is the answer says Martin Zwilling, founder and CEO of Startup Professionals.
He says, “Predictive analytics uses data patterns to make forward-looking predictions
that guide you to where you should go next. This is a whole new world for
start-ups seeking enterprise application opportunities, as well as social media
trend challenges”.
It is imperative for startups to be particularly
be sure of their next several steps after inception; Predictive Analytics fits
the bill perfectly here by keeping startups educated and informed about these
business aspects – how their market is going to behave over the coming months,
who would want their products and services the most and why, what are their
competitors up to; what should they be prepared for.
Zwilling lists the following “creative
ways” in which startups can leverage Predictive Analytics:
Identify and target
customers correctly:
Use Predictive
Analytics to consolidate what Zwilling calls a single view of the customer;
based on which you can improve your promotional and marketing strategies aiming
the right product to the right customer with the right needs.
Manage your investment
risks:
As a startup, you
will be often skeptical and apprehensive while making new investments for your
startup’s growth. Predictive Analytics minimizes those risks by giving you
accurate details of how your choices are currently positioned now and how are
likely to do in future, thereby helping you decide if your investment choices
are worthy or not.
Customer retention:
I have spoken
about this at length here.
And Zwilling only strengthens my opinion that Predictive Analytics helps
organizations, especially start ups to identify and resolve the causes for
customer attrition.
Fraud detection:
Startups in the BFSI
sector can use Predictive Analytics to identify faulty transactions,
fraudulent customers, improve underwriting, assess a customer’s financial
profile, minimize false insurance claims and even bust false identities.
To
know how Shout Analytics’ Predictive Analysis capabilities can benefit your
business, either startup or established, write to us at info@shoutanalytics.com
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