Predictive analytics is no new concept. It has already been useful in electing presidents, discovering new environmental resources, assessing health risks and targeting potential customers. It is a type of data mining that uses algorithms, existing statistics, and pattern recognition methods to forecast future outcomes. New data intelligence technologies are making predictive analytics more efficient than ever before, especially in the area of marketing.
Imagine the ability to accurately predict your best sales leads, when and how to engage them, and what your most compelling solutions will be. With a few baseline data points from your marketing team, you’ll have everything you need to get started. Here are 5 ways predictive analytics can take your marketing goals to the next level:
1.Finding The Right Sales Leads –
The digital footprints of your prospective buyers indicate their decision-making behavior, thereby signaling where your best sales leads spend their time and how you can best reach them.
2. Optimize Audience Personas –
Predictive analytics can help uncover behavioral patterns by combining the current data you have for your target audience with predictive data to gain a better understanding of your overall audience buying behavior before, during and after sales cycles. This data can help build robust personas that will drive better marketing decisions.
3. More Personalized Content –
With an increase in available and precise data, marketers are able to personalize their message to their audience. This means a higher probability of keeping your audience interested and engaged.
4. Focus Your Budget –
Knowing where to find your audience and how to best engage them will help you target your budget for optimal results. You can use this information to better refine your marketing and advertising budget.
5. Refine Future Products & Solutions –
Predictive analytics will give you the opportunity to better meet your buyers’ needs by providing you with information on how to best solve their ‘pain points’. They will give you better insight into which solutions you should develop or modify for optimal results.