How Predictive Analytics Can Help Marketing
Predictive analytics is consistently becoming more and more important in all types of business efforts. Right now, many marketing teams are utilizing account-based marketing tactics to maximize the effects of their efforts. But how can you strengthen your marketing strategies even more?
You guessed it, utilizing predictive analytics.
We've compiled a list of the top 4 benefits of utilizing predictive artificial intelligence in your marketing strategies:
Decreasing your attrition rate
Acquiring new customers can be expensive. Which is why keeping your current customers is so important. You can use predictive analytics to create profiles of your customers and see which are strong and which are at risk of leaving. After becoming aware of customers who might leave, you can adjust your strategies to retain them, and other customers.
Create meaningful campaigns
Knowing your Ideal Customer Profile will allow for your marketing campaigns to become more relevant. It’s also valuable because it helps you gain a stronger understanding of your customer’s journey. Using predictive analytics to determine your next course of action allows you to create campaigns that address the needs of your prospects and personalize any content being sent to them. Multi-touch attribution is also important in this scenario because it allows you to see which touchpoints are making an impact. You can read more about that here.
Target the best prospects
Predictive analytics is the direct connection to ABM&S. Account-based sales and marketing allows you to target your high-value accounts or prospects. But how do you know who your MVPs (most valuable prospects) are? You should utilize predictive analytics to determine the characteristics of your current most valuable customers and target similar prospects.
Learn how your product is used
You should use predictive analytics to determine customer activity and buying patterns. For example, if your company’s product is software, which features are customers utilizing most? For how long do they use a feature? Knowing how your customers are using your product is crucial because it allows you to market your product to new leads in ways you may not have thought of before.
So much of marketing is knowing your customer and how to target them. Predictive analytics can help you gain a deeper understanding of your current customers so that you can continue to create killer campaigns.