Take the luck out of your marketing with predictive analysis.
Are you leaving your marketing efforts to chance?
Using predictive analytics is second-best only to having a crystal ball that can forecast future customer buying decisions and you are ready to start employing predictive analytics as part of your marketing strategy.
How we all do business is changing and being driven largely by predictive marketing using, Big Data and Artificial Intelligence (AI) as our main contributors. The terms ‘predictive marketing’ and ‘predictive analytics’ are being used more and more.
Predictive marketing simply means using more data, information and knowledge to make smarter marketing decisions by predicting which marketing actions are more likely to succeed, and which are more likely to fail. Predictive marketing can provide insightful problem-solving and decision-making about all your marketing activities.
When you consider it costs five times more to acquire a new customer than it does to retain an existing one, retaining customers should be a primary focus of your analytics and predictive marketing strategy.
“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change”. Charles Darwin
Marketing and revenue can benefit from data-driven insights that empower initiatives from lead generation, customer acquisition, customer service and the customer experience. Your knowledge management, market segmentation and production of content will take on a whole new approach.
Improve your customer segmentation with better information
Segmenting customers and leads helps to better understand your market people based on problems, frustrations, wants and needs to determine your marketing strategies
This is a practice that existed long before big data, artificial intelligence, analytics, and the Internet of Things became a reality. Predictive analytics gives you the opportunity to improve customer segmentation analysis in new, innovative ways that never before existed. You can improve your customer segmentation analysis by:
- Compiling more demographic data. Dive deeper into gender, age, race, and location-based information to determine trends that can shape your marketing campaigns and your content marketing strategy
- Gaining insights into psychographic data. It’s one thing to know who your customer is, but it’s another to understand how they think and Psychographic data provides that insight into the customer’s interests and what motivates their behaviour.
Having access to behavioural data means you are better equipped to make decisions about the marketing channels you use and how to use technology in a way that gives your customers and prospects a better customer experience.
Once your customer segmentation analysis has been optimised, marketers can then work to create targeted customer personas that will influence where and when you position specific marketing campaigns.
With customer segmentation, you are better able to improve the customer experience with the right information in the right place at the right time, while improving your content, and better interaction with employees and volunteers.
Help to transform your customer’s journey and everyone wins
Understanding that the customer journey is becoming more and more fragmented as people adjust to new working environments and lifestyles is now very important to be working in ‘real time’.
Predictive marketing can help you to transform your marketing activities to quickly adjust to trends and issues customers are facing, being with them at every step in their journey. The days of leaving everything to chance have gone.
Gartner.com the world’s leading information technology research firm uses a framework that places predictive on a continuum of analytics capabilities:
- Descriptive – Can tell you what happened.
- Diagnostic – Can tell you why it happened.
- Predictive – Can tell you what will happen.
- Prescriptive – Can tell you what to do next.
How to get started with more predictive marketing
Start your predictive marketing by collecting relevant data and converting it into useful information and knowledge Consolidate it, combine it with your marketing and current customer data, and use it to start building a predictive model that is customised to your business and its customer base.
Predictive marketing requires the application of predictive technology to your entire marketing activities, and across the entire buyer’s journey. It means not only gaining predictive insight into the future but also using that insight to make better decisions about who and how to engage existing and prospective customers.
Make a start today and improve the luck and remove the gambling in your marketing.
It allows you to create better content, and more efficient and effective campaigns and programs. While the technology behind predictive and analytic processes is complicated, you don’t need to understand it in order to use it.
In the not too distant future, predictive technology will be woven deeply into marketing automation and CRM systems so that many of the features of these systems become fundamentally predictive.
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Success stories from early adopter companies also reveal how data and AI help dramatically shrink sales cycle and increase revenue.
I know how difficult it is to win over today’s empowered customers with yesterday’s fragmented marketing approaches. To succeed in the era of connected and empowered customers, we all need to implement new approaches that leverage data that provides insight and helps us to take better actions to address every customer as an audience of one.
Whether your focus is lead generation, retention of customers or both, predictive analytics marketing can help you turn quality data into improving your marketing campaigns and customer experience.