Inevitable Need for Predictive Marketing
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Every marketer can relate to this famous quote by John Wanamaker, a pioneer in marketing. Fortunately, predictive marketing is helping marketers realize which half of their marketing budget is being wasted. Predictive marketing leverages statistical tools and historical data to predict the marketing actions that have high possibility to succeed and those that have a high chance to fail.
Why should you use predictive marketing?
Predictive marketing has been used by most of the businesses in the past in one form or another. For example, firms use several models like media mix and broad targeting based on income …show more content…
(for B2B Marketers)
• Individual demographics such as business functions, title, age, income group, etc.
• Past interactions with the company through various channels
• Economic indicators (mainly used for B2B)
• Performance of sales representatives
• Different stages of prospects in the purchase journey/funnel
The power of targeting in predictive marketing is limited only by the marketers’ imagination. The precision in results dramatically improves the quality of new leads and helps predictive marketers generate higher revenue growth rate than that of the industry.
Lead Scoring and Content Recommendations
Predictive marketing can score leads in terms of their stages in a non-linear purchase funnel. This is of immense help to marketers in two ways. Firstly, they prioritize the leads and invest their energy in those prospects that can be converted easily and quickly. Secondly, they nurture other leads to pushing them to the next level of the purchase funnel. Lead nurturing is done by the automated algorithms that intelligently filter and recommend content based on users’ actions in the …show more content…
Machine Learning
The best thing about predictive marketing is that it learns and improves over time the more it is used. It records every action that is being performed, and generates a comprehensive report. The report is pushed back into the data system in the form of inputs that improve the accuracy of next set of outputs. Hence, the predictive marketing will deliver better results tomorrow than it delivered yesterday. Also, it will save more of your time and efforts tomorrow than it saves them today. The machine learning automatically improves the efficiency of your sales and marketing processes.
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Every marketer can relate to this famous quote by John Wanamaker, a pioneer in marketing. Fortunately, predictive marketing is helping marketers realize which half of their marketing budget is being wasted. Predictive marketing leverages statistical tools and historical data to predict the marketing actions that have high possibility to succeed and those that have a high chance to fail.
Why should you use predictive marketing?
Predictive marketing has been used by most of the businesses in the past in one form or another. For example, firms use several models like media mix and broad targeting based on income …show more content…
(for B2B Marketers)
• Individual demographics such as business functions, title, age, income group, etc.
• Past interactions with the company through various channels
• Economic indicators (mainly used for B2B)
• Performance of sales representatives
• Different stages of prospects in the purchase journey/funnel
The power of targeting in predictive marketing is limited only by the marketers’ imagination. The precision in results dramatically improves the quality of new leads and helps predictive marketers generate higher revenue growth rate than that of the industry.
Lead Scoring and Content Recommendations
Predictive marketing can score leads in terms of their stages in a non-linear purchase funnel. This is of immense help to marketers in two ways. Firstly, they prioritize the leads and invest their energy in those prospects that can be converted easily and quickly. Secondly, they nurture other leads to pushing them to the next level of the purchase funnel. Lead nurturing is done by the automated algorithms that intelligently filter and recommend content based on users’ actions in the …show more content…
Machine Learning
The best thing about predictive marketing is that it learns and improves over time the more it is used. It records every action that is being performed, and generates a comprehensive report. The report is pushed back into the data system in the form of inputs that improve the accuracy of next set of outputs. Hence, the predictive marketing will deliver better results tomorrow than it delivered yesterday. Also, it will save more of your time and efforts tomorrow than it saves them today. The machine learning automatically improves the efficiency of your sales and marketing processes.