Applying Behavioral Analysis to Consumer Analysis
Applying behavioral science to consumer analysis allows agencies to predict consumer behavior, giving them an opportunity to create strategic approaches for different consumer groups in order to ensure the best possible return on investment. The VoizTrailⓇ Communication and Compliance Suite is the first of its kind to feature a dedicated module for behavioral analysis. The module provides agencies with the tools they need to for identifying different consumer types and monitoring the results of new strategies. The behavioral analysis module allows agencies to use speech analytics technology in conjunction with consumer account history to create detailed consumer profiles.
From the analysis results, agencies are able to segment consumers into groups based upon their previous behavior, habits and attitudes. The following data groups represent three distinct consumer types, based solely upon the language uttered during interactions.
As the above examples illustrate, there are a variety of ways an agency could chose to group consumers. Consumers B and C could be grouped by individual scenarios, or together as simply a “no-pay” risk. VoizTrailⓇ offers agencies complete control over their analysis parameters, allowing consumer groups to be fully customized to the agency’s needs. Based upon the analysis data, these groups can be used to tailor the consumer experience to ensure consumer interactions lead to the fastest return on investment. Once consumer groups have been identified they can be monitored for more behavioral cues. This allows agencies to use their consumer models to predict the outcome for consumer accounts; effectively identifying those most likely to default, break promises, or go to dispute. This kind of predictive analysis has the ability to transform the way you do business. Agencies now have a method for quickly identifying reoccurring issues, creating an individualized consumer experience, and determining which accounts are worthy of continued attention — maximizing ROI on every level.