The Benefits of Predictive Marketing
Marketers are often asked to quickly react to “fix” a business problem. Produce more leads… drive sales…retain customers! However, the flashiest new marketing materials or best sales promotion aren’t likely to have the ROI you desire if your campaign is a gut reaction to slow sales.
Without understanding what motivates the customers that buy from you and which customers are most profitable, you are probably spending money on prospects that aren’t a good fit for your business. That’s where analytics and predictive marketing come in.
Predictive marketing uses available customer data to develop a profile of your ideal customer and helps to predict which marketing tactics best reach and motivate that customer. This data can be used to optimize your marketing spend by talking to the right customers, at the right time, the way they prefer to communicate. Analysis of data and predicting customer behavior can help:
• Identify trends
• Develop customer personas
• Personalize messaging and segmentation
• Shape future products or solutions
Predictive analysis and marketing provide a less reactive approach to campaign planning. Several benefits include:
• Reduced marketing costs
• Ability to recommend products by customer profile
• Greater visibility into customer touch-points and conversions
• Improved customer retention rates
Data analysis can be an overwhelming undertaking for many. The reality is that you already have access to much of this data through your marketing automation platforms, CRM databases, web and social media analytics, databases (email, mail, call center) and e-commerce platforms.
Rather than pouring over spreadsheets and looking for trends, it’s often a better approach develop a list of questions that you want to better understand. Start with simple questions and build on them over time.
• What are my top selling products?
• What is the profile of my most profitable customers?
• What communication methods do those customer prefer?
• Is there a commonality between customers that leave?
Predictive analysis and marketing provides you with the tools to make intelligent, fact-based decisions. Each year it seems that marketers are asked to do more with their budgets. By targeting your marketing efforts on the customers that convert best for your business you will maximize your marketing return on investment (ROI).
CSG Services can help you increase your marketing plan’s overall effectiveness with integrated marketing strategies all in one place. CSG 360 can support your business with List Support, Tele, Channel, Sales, Lead Routing, Data Integration, Surveys, Bi-Portal, Landing Page, Gift Fulﬁllment, ROI, Social, Creative and Chat.