As defined by quality management pioneer Joseph M. Juran, data is considered high quality when it is fit for its intended use with respect to: decision making, planning and operations. And were he alive today, there is little doubt that Juran would add “predictive analytics” to the list.
Lapsed customers can be some of the best prospects for B2C companies. Why? You already know what these former customers are interested in, how much they’re willing to spend, and you can reach out to them directly because you already have their contact information. That's why targeting lapsed customers can be one of the fastest ways B2C companies can grow their bottom line (especially when compared to targeting cold prospects who have never bought your solution and you know very little about).
In the endless race to get and stay on their prospects’ radar screens, many companies offer free services. However, while this strategy can be used to build a community and publicize a brand, it doesn’t necessarily translate into what companies ultimately need to survive: revenues. Indeed, Totango’s research on SaaS conversions revealed that only 20% of free trial users ever become paying customers.