Propensity models can help entrepreneurs sustain their businesses for decades: Dr. Prakash Bhosale
MUMBAI, MAHARASHTRA, INDIA, January 6, 2022 /EINPresswire.com/ –
Speaking at the “Smart Entrepreneurs Group” event in Goregaon, Dr Prakash Bhosale shared studies that the propensity model is very effective for small businesses to make the business sustainable and grow. In today’s era of innovation and intense competition, it is important to know the propensity model and its benefits.
A propensity model is a statistical scorecard that is used to predict customer or prospect customer behavior. Propensity models are often used by entrepreneurs, businesses, and trade organizations to identify which customers should respond to a business offer or to focus retention activity on the expected churn rate. For example, an institute which provides degree courses in hotel management and around 100 students are admitted each year. Over the next 10 years, if the organization is to successfully enroll 100-100 students each year, it would be beneficial to plan and continue to collect data from prospective students and parents in advance. Another example of potential customers of two-wheeled bicycles is young people between the ages of 18 and 25. These young people buy good bikes when they go to university or when they get their first job. Two-wheeler companies are already collecting data on these young people and marketing them by systematically targeting them. This is what all successful businesses do.
Dr Prakash Bhosale said that proper analysis of your potential customers and their behavior by effectively using a propensity model in a business gives entrepreneurs certainty about their business, products and services. A propensity model can predict potential customers in the next few years. By accurately marketing the right leads, the effort of the sales team is reduced. This model streamlines entrepreneurs’ annual cash flow, so there are no financial difficulties. Propensity modeling is a powerful technique that can generate better insights from customer data, unlock new customer opportunities, improve marketing campaigns, minimize risk and reduce expenses while ensuring better and faster decision making. .
Dr Prakash Bhosale is a renowned business consultant, columnist and writer who lectures extensively on business management, entrepreneurship, online education to various entrepreneurs and student groups.
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