Is your institution still selling the 'product of the month' to everyone who stops by a branch or interacts with your contact center? Or do your sales and service agents guess at what best product is to offer a customer for each situation?
If you answered yes to either of these questions, it's time for a better approach. Creating and using "Next Most Likely Product" (NMLP) models takes the guesswork out of selling more to existing customers. NMLP models determine the next best product a customer will purchase based on each individuals history including products they already own. Studies have shown that on average, NMLP models are almost seven times more accurate than guessing at a customer’s second product choice.
Why do institutions use NMLP models:
- Takes the guesswork out of cross-selling and improves close rates regardless of channel
- Makes sales and service agents more knowledgeable and comfortable interacting with customers
- Improves customer satisfaction and retention by ensuring that relevant offers are made to customers
ModelMAX® is ASA's powerful, yet easy to use, predictive and descriptive modeling software that provides a fast and easy way to develop Next Most Likely Product predictive models.
Highlights:
- Score your database for each customer’s propensity to purchase various products
- Understand what variables are predictive of purchase behavior
- Regenerate models frequently and easily as market condition change
- Tap into the power of neural networks to find hidden patterns
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