If someone, a few years ago, told you that you would be able to forecast your customers’ behavior and purchases, what would you answer? Well, today this is possible thanks to the next generation of customer data and new technological advancements.
Although many companies are still getting familiar with data-driven marketing, predictive marketing is becoming an essential tactic for today’s businesses. So, “predictive” is a lot more than just a buzzword. Below you will find reasons to adopt this tactic too.
What is predictive marketing?
Predictive marketing is the practice of extracting information from existing customer data sets to determine a pattern and predict future outcomes and trends.
– Source: The 2015 State of Predictive Marketing Survey Report
How predictive marketing helps brands
Predictive marketing strategies help you focus on the leads that truly matter to your business. Being able to foresee your customers’ next moves and determine which leads are sales ready or not, saves you valuable time and money.
Improvements in the quality of your leads, higher conversion rates at each stage of the customer lifecycle and enhanced customer experiences, are some advantages of adopting predictive marketing.
It’s like reading your customer’s minds. The key here is to successfully collect customer data from different channels and combine them with previous behaviors to inform decisions in real-time.
The role of technology in predictive marketing
New technologies can improve the way brands interact with their target audience. Artificial Intelligence (AI), applied mathematics and machine learning are some examples of these technologies which make predictive marketing more accessible than ever before. Now marketers can predict the outcome of their efforts without having the fear of risking the marketing budget.
By using marketing automation tools and advanced CRM solutions, brands are now able to gather all the necessary data from structured and unstructured sources, get predictive insights and connect with customers with immediate and relevant experiences, seeing their efforts turn into real, measurable results.
Is your company using predictive marketing? Are you ready to leverage data to transform your business into a predictive organization?