The phrase “predictive marketing” has been known to elicit a shiver or two with up to half of businesses failing to embrace the “big data” revolution. But there really is no need to hide behind the (metaphorical) sofa. Of those companies who have successfully adopted predictive analytics into their marketing strategy, improved customer engagement, increased revenue and an efficient marketing spend are just some of the ‘treats’ that they have garnered. Read below as the Think Beyond experts dust off the cobwebs and demystify what predictive marketing is; why every business should use predictive analytics and answer how your business can make the most of data science.
What is predictive marketing?
Like a good horror movie, let’s start with an origin story. In this case, what is predictive marketing?
In short, it is the practice of using past and current data to predict future behaviour. Using statistical data, machine learning algorithms and AI, businesses are able to accurately identify which marketing actions are most likely to succeed.
Why every business should adopt predictive technologies.
The value of predictive marketing lies in being able to make informed decisions. Regardless of business size or sector, predictive technologies help to create an efficient and lean marketing spend by turning past behaviours into future opportunities for engagement, conversion and growth. This isn’t some hocus pocus – as predictive marketing focuses on intent rather than inventing demand, machine learning tools firstly utilise acute customer intelligence to help identify the best time for outreach and then secondly deliver highly personalised and targeted messaging in order to optimise interaction. Imagine that your sales team is able to prioritise the leads that are most likely to convert or that you could predict when a previous customer becomes dissatisfied and considers unsubscribing – predictive analytics are able to do just this.
What’s more, predictive technologies take personalisation to a granular level and deliver up-sell and cross-sell opportunities in real-time and across channels. From web pop-ups to email recommendations and more, machine learning algorithms are able to instantly serve up personalised product recommendations and create highly personalised content that can make the customer feel like they are being addressed on a one-to-one basis. Spooky? No. An invaluable addition to your marketing mix? Yes.
How to implement predictive marketing in your business.
However, there is still a slightly shadowy figure lurking – knowing how to implement a predictive marketing strategy. The omnichannel reach of a predictive strategy can seem daunting and the sheer number of AI tools available dizzying. This is where Think Beyond’s specialist marketers can help. Our experts have a proven track record in creating predictive marketing strategies that work. Our team will partner with you and your company to understand your goals and use business insights coupled with the latest technology to help your company soar.
There are no tricks in our strategy, only treats in the form of increased revenue, increased engagement and decreased churn. If you’d like to learn more about how Think Beyond can help you create a bespoke predictive marketing plan, visit our website HERE to find out more
Alternatively, you can reach the Think Beyond team direct on 01625 682110 or.
Perhaps the real spooky thought here is the idea of not applying predictive technologies to your marketing strategy – can your business afford to work off assumptions and educated guesses rather than applying highly targeted data-driven predictions?