Marketers – I’m sure you’ve noticed – There’ s a lot of buzz about big data right now, but the discussion often avoids the most important question, “What’s the point of that data and where’s the value to me?” The most actionable thing you can get from data is predictions.
Predictive analytics is important to marketers because these predictions inform the marketing automation tools what actions to take, what products or offers the marketers should recommend across the customer database. This automation is the easiest way for marketers to uncover fresh insights into their customer base – marketing with a side of predictive analytics.
Why marketers need predictive analytics
Increased need for more powerful data cleansing:
The more technological we get as marketers, the more data we doubtfully collect. Many of us have already begun to feel bogged down by data: what it means, how to analyze it, what to do with it and how to react to it. Stress! Predictive analytics tools can help you make sense of it all and help you automate a process which creates a data-clutter-free environment and incredible insights into data that’ll make you feel like a marketing wizard.
Understand customer behavior:
If you don’t hear or address what your customers are telling you; you’re most likely missing out on opportunities and as a consequence – potential revenue. If you can get a tighter grasp on each customer’s browsing behavior, purchasing trends, likes and dislike among others; you’ll be able to predict and address their needs in advance thus enabling you to make that customer’s experience as your consumer even more delightful.
Lowering churn rates and unsubscribe rates:
By having advanced insight into your data you can predict when a customer is about to churn, drop-off or unsubscribe. Knowing this in advance allows you to apply targeted and personalized reengagement campaigns to make sure you do not lose/bore/annoy your customers.
Read this blog post on how to increase engagement and lower unsubscribe rates.
Increase need for automation in the marketing functions:
In today’s fast paced-tech world where, “do more with less” is expected – marketers need to have a full grasp on marketing automation (and I don’t mean scheduling an email to go out at a future date). Marketers need to have a seamless integration with their CRM tool and have deep insights into their data available and have it at the touch of their fingers tips. Agile and actionable data is a must - and waiting around for IT to pull lists, numbers and stats for you is no longer feasible. Integrating your CRM tool with a predictive analytics tool such as AgilOne can bring your marketing automation process to full circle giving you the insight and ability to make informed and smart decisions at a moment’s notice.
Increases sales and efficiency:
Building on the last point; having the information needed to support your sales team on a moment’s notice is gold for a marketer. Having insights into the analytics of each customer or segments of customers based on behavior will bring real-time and accurate knowledge and insight to your sales team (or email automation tool) creating a more efficient sales funnel – closing deals fast and in greater quantity, leading to increased sales and revenue, making you – the marketer – the star of their team. Score!
Predictive analytics is the gateway to effective and efficient marketing in this new high tech world. We as marketers must embrace, understand and own big data to be able to get ahead of our competition, enable our sales team and then sit back and watch revenue soar.
Don’t get left behind. Join the millions of marketers that understand why marketers need predictive analytics.
Want to become agile in predictive analytics and marketing? Watch this demo on how AgilOne is doing just that for marketers around the world.