A Look at Predictive Marketing and Why You Need It, Now!
Are you trying to get a handle on this whole marketing thing? Leads and conversions and all that? Learn about how predictive marketing can make it easier.
With the average small business set to spend around $75,000 this year on digital marketing, it’s vital to get the most out of your strategy for every dollar spent. It’s not cheap to compete in the digital marketing space but with the help of predictive marketing, you can get more bang for your buck. You’ll connect with customer shopping habits and guide them to things you know they’ll enjoy. Here are four reasons why predictive strategies help in the modern era.
4 Reasons Why You Need Predictive Marketing
1. Stay Strategically Competitive
One of the hardest things to keep up in any respect is your competitive edge. In every industry, it’s hard to stay competitive as technology changes and the race to keep up continues. It’s a marathon, not a sprint, when you’re looking to keep up with your competitors.
Predictive marketing allows you to take advantage of the data that your company gathers through your experience. With this data, you generate insights that help you to perform better. While most of these insights aren’t all that revolutionary, that help to give a deeper awareness of why you succeed and what your advances are.
Predicted analytics lets you assess what your consumers are doing after they’re exposed to your marketing. Predictive marketing responds to how your customers respond after they’ve seen your marketing as well as your competitors. You get to respond to what they’ve done and think about what your next move is going to be.
When you have strong predictive marketing, you’re able to look at what has caused people to choose you versus your competitors. After you’ve identified the factors that play into your decision, your marketing can play to your strengths. This allows your marketing to emphasize what makes you different and what makes you great.
2. Take Advantage of Multiple Solutions
When you’re using lots of different predictive solutions, you can approach your clients in a variety of ways. Predictive marketing solutions don’t have to just be digital ad buying. You can use email, mobile-based tools, as well as web-based solutions.
Predictive solutions allow you to send an email that has targeted recommendations. These emails can link to past shopping history, the things that your customers talk about, and even the way that they engage with things. These recommendation emails even take into account carts that people have abandoned while shopping.
If someone started browsing for your products, they can get an email that reminds them of their past search for your services.
Whenever a consumer visits a website, they leave a mark behind. If your site collects cookies, you can see when someone visits, where they’re from, and what they clicked before they were on your site. Predictive analytics help to give them views customized to what they’re looking for and browsing that makes sense to their history.
If they have frequently bought items, you can lump them in to try to increase your sales numbers.
One of the best tools now for marketing based on a predictive model is the mobile device. Since so much shopping is done on these devices, you can include location information to guide where your shoppers should go next.
3. Improve The Experience
On top of giving you valuable insight into contacting your customers, you can also improve the material aspects of shopping with this kind of marketing. When you implement a predictive model you can engage customers in new ways. This type of engagement ensures that you leave an impact with every contact.
You can increase your revenue by personalizing things for your customers. Content that specifically tailored for what they want and what they’ve wanted in the past means they’ll return. You can increase sales by following their personal trends and predicting what they’ll buy in the future.
Brand loyalty is another side effect of a predictive analytic-driven marketing solution. If your marketing team works to personalize the marketing experience you give customers, you’ll get lots of people to return. Those repeat customers are showing you that they appreciate what you offer through their visits.
When you improve satisfaction, you build real loyalty.
There are so many ways to get in touch with your brand, or at least there should be. You should be able to get in touch with your customers via your website, social media, and through email. No matter what your customer journey is, they should get the same level of service.
4. Turn Predictions into Recommendations
When you’re marketing new products or services, you’re wasting your money if you’re trying to assume that your target market is “everyone”. While every product developer is trying to ensure they have 100% saturation, some products just aren’t made for everyone. Precision ball bearings or architectural drafting tools aren’t made for everyone on the planet.
When you take into account all the data you have, you ensure that you know exactly who your products and services are for. Create a predictive recommendation tool to ensure that hit everyone you need to. Based on all the data your company has collected about your products and services, it shouldn’t be hard.
Based on user shopping preferences, you can create a customized experience. As you give them options to chose from, you’ll learn what they respond to the best. When you recommend based on their preferences, you’ll end up with a much more accurate picture of each customer.
Following these recommendations, predict how to market your offerings via promotions based on real data that your customers offer you through their habits. To bring this to the B2B space, check out a guide to get more details.
Predictive Marketing Keeps You Ahead
The point of predictive marketing is to keep you ahead of the curve instead of at the cutting edge. Trends should be one step behind your predictions when you’ve spent time looking at real data and how it impacts your business. Data is the best way to get the most out of your customers shopping patterns and how you’ve responded in the past.
For a few ideas that might strike a chord with your customer base, check out our latest guide to business ideas sure to shake up the market.
Author: Cathy Carter