Marketing Strategy with Predictive Analyticsby David Jones Digital Marketor
Forecasting- isn’t this a very natural activity of the human brain about a future event?
Yes! And this is often based on experience or knowledge. When it comes to Predictive Analytics, it is the branch of advanced analytics used to make predictions about unknown future events with the help of various historical data.
Prediction is not just a matter of what your brain does. This is the basic function of the neo-cortex and the foundation of intelligence- Jeff Hawkins. As a marketer, if we think about it, what is the number one thing we look for as a business, above all of us?
Everyone is looking for a pipeline, we are looking for revenue, and to grow the business. Now, close your eyes and imagine a world, where your data can find your next customer with an 86% accuracy rate. Think of a world where you know about your customer’s needs, where to find them? What are they interested in, their pain point? What competitor products might they be researching? And say you can get into that sales cycle early, and you can grow your business. Cool thing! Di ba
That is the world we live in! And why is it available to us today? Why can we do these basic things that 5-10 years ago we didn’t do?
Of course, we all know that now we live in the incredible digital world, where we have technology and data, that we can get any answers to any questions in seconds. With the potential of an advanced analytics predictive ability, we can predict future events resulting in providing real-time insights into customers and processes. It incorporates a variety of techniques from data mining, statistics, modeling, machine learning and artificial intelligence (AI) to process and analyze different sets of data for the purpose of generating predictions.
According to a Forrester survey, nearly 87% of B2B market leaders consider predictive analytics as a critical part of their marketing stack. Most of them have already implemented the technology or plan to do so within a year, with the goals to boost their market share and revenue growth.
"The goal is to make the data informative, and informative in perspective." Carly Fiorina, Former CEO of HP
HOW TO USE PREDICTIVE ANALYTICS TO IMPROVE MARKETING AND SALES PERFORMANCE?
2015 is admirably calculated to be the year of data -driven marketing. With the adoption of predictive analytics strategies, marketers see its huge potential to improve prospecting, increase lead quality and build the sales pipeline over the years. So far,
• Improve Your LEAD SCORE
With the appropriate use of the Predict analytics tool, you can easily correlate the actions of your existing customers to influence your future efforts as a marketer. With the power of predictive analytics, scoring leads becomes more unscientific and more of an actual view driven by your target customer’s data.
Predictive Analytics can quickly get points based on customers ’demographic, behavioral, and psychological data. Based on those scores, it is resolved whether leads are ‘hot’ and should be immediately passed on to the sales team, or whether they need more time in a nursing campaign.
Today, B2B companies act. “Nearly 14 times more B-to-B organizations use lead marking than in 2011,” said Jill Stanek, lead researcher at Sirius Desitions.
• RETURN YOUR DATA MARKETING CAMPAIGN
By applying predictive analytics to organizations, you can improve overall marketing performance with the help of efficient data analysis. With the available data, businesses can better plan, develop, strategy and implement future marketing campaigns.
Predictive Analytics allows us to predict past performance to give you a thorough understanding of all market segments in your target audience. Backing up your marketing campaigns with data can help you move the process further down the sales funnel and drive maximum ROI.
• IMPROVE YOUR SUBSCRIPTION THROUGH PREDICTING CHURN
Churn’s predictions are the process of discovering customers who are likely to cancel a subscription to a service. To grow, a business must have a higher growth rate than the churn rate. Using predictive analytics, you can analyze the warning signs or behavior patterns of former customers that have been churned from the signs of current customers and, thus, can provide the necessary troubleshooting campaign. care to avoid churn.
• FIND UPSELL AND CROSS-SELL OPPORTUNITIES
Dear lead generation. Upselling or cross-selling an existing customer is much easier and more profitable than to make a new sale to a brand new customer.
Amazon associates up to 35% of its revenue with cross-selling, both through the “Often Sold Together” and “Customers Who Buy This Item Also Buy” features.
Marketers can use customer data to identify sales and cross-sell opportunities. With a flexible predictive analytics platform, you can understand how different segments perform in specific campaigns so you can deploy similar campaigns with a higher probability of success.
Analytics prediction helps you understand your customer’s future needs and plan to upsell or cross-sale campaigns to increase your customers ’profitability over time and keep them coming back for more. pa. If done correctly, it can help a customer get more value from their purchases, do their jobs better and make their life easier.
• PREPARING CONTENT THAT WILL PROVIDE A DELIVERING ROI
While marketers are getting better at measuring the ROI of their content and strategy efforts, it’s still hard to see how content is being used in the past stages of marketing automation. Often, the content itself is to blame, but, frankly, the real culprit is an unspecified strategy for content distribution. Which content types work best for certain leads can be answered with predictive analytics. Content marketing has the potential to provide significant ROI for your company.
Predictive content improves the visibility, strategy, and contribution of marketing to revenue. Eliminates shot-in-the-dark content creation and saves marketing from creating useless, irrelevant sales content. It improves marketing efficiency and lets marketers create and deliver sales that work for sales conversations and conversions.
THE BOTTOM LINE
Customers are now empowered, connected, and have high expectations for participation on their own terms. Analytics prediction tools allow users to mine through large amounts of data for making educated predictions. Businesses can anticipate their customer’s wants and needs by unlocking insights. The company may show product recommendations based on past action such as Netflixand Amazon (Productive users of Predictive Analytics). Show ads more appropriately based on consumer type and also send better-targeted email campaigns (https://deck7.com/) to help target customers with relevant offers on all channels including digital, mobile and social.
Created on Mar 30th 2021 09:01. Viewed 327 times.