How behavioral science and data science work together to create customers for life
At Symend, we’ve proven that behavioral science, data science and advanced analytics work together to create opportunities to improve customer relationships in good times and bad. We start by digitally engaging your customers so you can better understand what empowers them to interact with your brand. We know the science behind what resonates with customers, which is why our digital outreaches have open-rates up to 2.5 times the industry average and click-rates up to 5 times the industry average. That said, engaging your customers is only the first step in achieving the outcomes you want, and the outcomes that are best for your customers.
You need to know your customers deeply and focus on personalization that matters to create customers for life. Help your customers catch up on their bills and fall behind less in the future through optimized interactions that lead with empathy. Financial setbacks don’t last, but satisfied customers do.
Here’s how you can better engage your customers with science and empower them with understanding.
Better predict customer response
Changing the way you interact with your customers doesn’t have to come at a cost to your brand. By tapping into our science-based research and development, you can better predict how your customers will respond before you’ve sent your first outreach with Symend. To help you understand the impact that different outreaches will have, Symend’s behavioral science team conducts biometric, web and field testing. For example, comprehensive web testing results in an intimate understanding of what customers are thinking and feeling in the current economic climate.
In 2020, Symend completed 23 behavioral insights studies with over ten thousand participants. This research identified dozens of new behavioral attributes to maximize the effectiveness of Symend’s outreaches. We generate science-driven insights by analyzing engagements with millions of consumers to better predict not only what outreaches will be effective with your unique customers, but what strategies resonate broadly across your industry with various groups of customers globally.
Guiding customers towards positive outcomes
Customers interact with your business all the time. Symend develops customized algorithms that identify and predict key variations in customer behavior based on the way they interact with the communications they receive. Our scientists use these models in combination with a deep understanding of psychological biases, decision making and behavioral economics to develop personalized and targeted strategies to empower customers to resolve past due bills and positively shape behavior. Real-time behavior and engagement continuously feed into these models. This allows for rapid learning and dynamic strategy iteration, giving customers more opportunities and personalized options to get caught up.
Continuous iteration and real-time results
Symend can rapidly design, implement and deploy experiments for our clients to optimize performance. Rapid experimentation allows you to adapt with customers as they interact with your brand. Outreaches are tested to determine the optimal timing, channel and message for each customer, and our data scientists use advanced analytics to determine which message is most effective. These insights fine tune our knowledge of your customers’ preferences to create personalized empathy-driven interactions.
Every interaction leads to insight
Symend’s platform is built to capture and learn insights through every customer interaction. The message that worked yesterday may not work again tomorrow. So, how can message effectiveness be tracked and modified? We use behavioral science to inform algorithms and identify relationships between customer behavior and sentiment. For example, using Natural Language Processing (NLP), we can automatically capture and categorize sentiment. We then use those learnings to create opportunities to hear the voice of your customers and understand when customers intend to pay or how satisfied they are with the flexible payment options provided.