The continued rise of big data poses a unique problem for business owners and marketeers. As digital footprints increase allowing for more and more accurate, insightful customer data to be gathered, businesses are suffering from a headache of information overload.
A recent study by Forrester revealed that 62% of businesses surveyed have more data than they can process and are not able to use all their data when making decisions. As a result, 82% believe adopting predictive marketing analytics is essential for business success.
Below, the expert marketeers at Think Beyond outline the benefits of adopting a predictive marketing approach and answer why getting big on your data is key to getting ahead in the B2B sector.
The Benefits of Predictive Marketing
The predictive marketing “cure” prescribes the following – leverage your past and present data with the latest in AI, mathematical algorithms and machine learning to forecast future behaviour and determine which marketing action has the best chance of success.
As a strategy based on intent, predictive analytics deliver the following distinct benefits:
Engaging new audiences
The intent based nature of predictive marketing means that gone are the days of relying solely upon past purchases and buyer personas for your audience targeting. The creation of predictive affinity audiences, such as those in Google Ads and Facebook, allow businesses to extend their targeting without sacrificing relevancy. This means that you can attract leads you didn’t even know you had.
Real-time touch points to accelerate pipeline velocity
Ultra-targeted content comes as standard with predictive marketing. Working in “micro moments”, predictive technologies serve up real-time personalised content in the most appropriate form to push prospects further down the funnel and deliver cross-sell and up-sell opportunities. From email to web pop-ups to in-app messaging and more, predictive campaigns are tailored to an individual buyer’s cadences.
Predictive behaviour models to reduce wastage
Predictive lead scoring helps to minimise wastage and protect the bottom line through identifying which leads are most likely to convert. Sales teams can therefore concentrate their efforts upon the hottest prospects creating an efficient and productive path from MQL (marketing qualified lead) to SQL (sales qualified lead).
Similarly, predictive customer lifetime value modelling helps to funnel marketing spend into long-term profitable areas. Through analysis of factors such as browsing history and site visit frequency, businesses can create and market to audience segments deemed to demonstrate a high lifetime value.
Predictive marketing has no expiry date. Unlike remarketing that has a limited shelf life and targets only those who are already known to your brand, predictive analytics provides businesses with a constantly evolving audience base. Working across marketing channels and across devices, predictive technology takes every data point, each lead score and all customer models to inform audience selection and buyer behaviour. In this sense, predictive marketing is self-renewing; today’s audiences build tomorrow’s insights.
Why is the B2B future is predictive?
With 86% of businesses reportedly set to increase their use of predictive marketing, the applications of this approach are especially valuable to B2B industries as long purchase cycles and high acquisition costs threaten to blow the marketing budget.
From determining how likely a prospect is to purchase to delivering the right content at the right time to the right persona and more, the value of predictive analytics lies in creating a lean and efficient spend at each stage of the sales funnel and for every customer journey. Able to attract, nurture and convert prospects based on intent, predictive marketing helps your business to get ahead and stay ahead. Early adopters within the B2B sector are already reporting significant increases in lead quality, conversions and deal size.
Getting big on your data therefore means to get big with your marketing strategy.
To find out more about how your business can benefit from a predictive marketing approach, get in touch with Think Beyond on 01625 682110 or submit your contact details online to request a call back.
Think Beyond is a marketing management consultancy with a simple aim: to take your business further. Our qualified marketeers partner with business owners, CEOs and sales and marketing directors to deliver bespoke, measurable business solutions. Find out more about Think Beyond