Cost effective, easy to use AI marketing tools are now widely available. Companies such as Salesforce, SAP and IBM have made it so that start-ups and small businesses can fit marketing and analytics into their budget – they no longer need to grow before this can happen. Smart marketing, including predictive analytics, will be the reason for their business growth.
Predictive analytics can find correlations, analyse billions of data points, and identify patterns that have never occurred to the average marketing professional or business and this is why it should be used. It’s something that humans simply cannot do. The insights gathered can help to determine many different things, from who’s ready to make their first purchase to which customers you might lose or gain.
To companies with limited resources, today’s marketing tools are a dream come true, as they can handle the entire process of marketing across all channels. Having these tools also give new businesses the chance to jump ahead of most legacy companies who can’t adopt these tools as easy, due to their own models and bureaucracy preventing this. Below are a few ways in which predictive analytics can be used to grow your business.
Identify High-Value Target
Predictive profiling allows your marketing app to automatically find profiles that share the same qualities as your current buyers by scoring profiles based on leads. It saves a lot of time for your sales team by narrowing the stack considerably. A great example of this is with Shoretel, they used predictive profiling and went from contacting 100 leads to find one opportunity-read lead to just 12, saving not only time, but reaching more likely buyers every day.
Identify Future Patterns
Many business leaders make decisions about future projects based on performance data gathered about their team. This approach is not future facing, as things that happen in the past aren’t necessarily going to happen the same way in the future. This is something most marketers need to realise as the future is all about change. Predictive analytics helps to shed light on future performance – which is where growth lies.
Automate Targeted Reminders
Today’s marketing software can automate the follow-up process. Rather than relying on a busy sales team to do this, the software knows who to call, when and for what reason. This saves lots of time for sales agents, allowing them to focus on more important tasks.
Accounts Distributed More Evenly
Rather than just distributing main accounts along arbitrary geographic lines, main accounts can be distributed based on performance or any other metric that leaders see fit using predictive analytics.
Finding New Markets Using AI
In the past if you wanted to grow your business, leaders would have to scour business journals for new trends in order to gain industry market insights. This is no longer the case. Determining if a market is worth your time is something that predictive analytics can help with. It can then go on to identify potential buyers before you even hit the ground.
Align Sales and Marketing
Communication between sales and marketing is a rare thing, they both do their own thing and don’t usually get much time to communicate with each other. However, tools from companies such as Salesforce can change this and allow the two to work together in harmony. When clients have received their campaigns, the sales team is automatically notified, and marketing team is able to re-classify those customers based on new sales activity.
The new predictive analytics tools on the market today allow you to do fantastic things with your data, but the results created by them will only be as good as the data your team is maintaining, with research showing that around 25-30% of CRM data being inaccurate. For predictions to really shine for your business, the data used needs to be clean.