Boost your marketing ROI with predictive analytics

by. Steven Ramirez

With unprecedented access to numerous competing brands, consumers are more empowered than ever. It’s no longer enough to sell a good product or service; your customers want personalized solutions. But how do you match the right offers to the right customers for more profitable results? With predictive analytics, you can leverage multiple data sources to identify customer pain points, anticipate needs, and create offerings tailored to specific customer segments. You’ll be able to forecast potential outcomes and build marketing campaigns that generate better ROI.

Gone are the days of marketing strategy based solely on best guesses or relying on past performance as a predictor of future results. Imagine how much more efficient your sales team could be if they know which products to promote to specific segments, allowing your business to invest marketing resources toward the right audiences.

With predictive analytics, your business can gain valuable insights to increase marketing effectiveness:

•    Acquire customers — Who are your most attractive potential customers?
•    Grow customers — Which marketing channels do your customers prefer? How do you increase revenue through these channels? What are the best ways to engage your customers?
•    Retain customers — Why do your customers leave? How do you keep your high-value customers happy? How can you prevent them from leaving?

Predictive analytics leverages all of your available structured and unstructured data to glean insights that help you understand what kinds of products your customers want and what’s likely to sell well. With a comprehensive data set that might include transactional history, email and chat transcripts, call center notes, survey feedback, and social media comments, survey feedback, and order history, you’ll have a more robust understanding of your customers.

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