Predictive analytics is not just another buzzword, it is now an integral part of any marketing strategy due to advancements in technology and the unprecedented amounts of data available today.
With predictive analytics, brands can examine the data of what has happened to help them cast judgement on what can/will happen. This is such an important tool for modern marketers, who can gather deeper insights into current customer, prospects, and others based on both behavioural and demographic data to make better informed business decisions.
When used correctly, predictive analytics can accelerate growth, and strengthen brand awareness. Below are some of the best ways that marketers can leverage predictive analytics.
Using consumer data, predictive analytics can determine a brand’s ideal customers. Based on the analysis of a vast amount of demographic and behavioural data, brands are then able to better profile and predict future customers.
Predictive analytics can help to yield a higher conversion percentage by better identifying the ideal prospective customer, going on to create a higher percentage of the right leads rather than the wrong ones. This allows for brands to have greater success as they can engage in hyper-targeted strategies to generate new leads in a non-intrusive, authentic manner.
With predictive models, running a successful lead-generation campaign can sometimes be difficult. But with the assistance of predictive analytics, marketers are in a much better position to successfully target and execute on new leads.
Impactful Marketing Campaigns
Determining which marketing campaigns will be the most impactful is something that marketers can do with predictive analytics once they have a better understanding of their current and prospective customers. Having more targeted and personalised campaigns can be of great benefit, as these can be much more impactful and measurable than standard online advertisements. In fact, it has been found by a recent HubSpot survey that 91 percent of consumers find online ads more intrusive than they were two or three years ago – it’s clear that this form of lazy marketing communication is no longer popular with audiences.
With predictive analytics, modern marketers can understand their specific target audiences much better, allowing them to craft impactful campaigns that will resonate with audiences, creating much stronger relationships with them.
Loyalty Optimisation and Reduced Churn
It’s common knowledge in marketing that acquiring new customers is much more difficult than retaining existing ones. While it’s now clear that predictive analytics can help create profiles of ideal customers, it can also help to find those with high attrition risk. With this insight, marketers can take relevant steps to retain existing customers for as long as possible.
Used correctly with good, clean, data predictive analytics can make a huge difference to a marketer’s capabilities.