The term predictive marketing can conjure up thoughts of either complicated data science or mystical fortune-telling. But it’s really not that complicated or mysterious.
Prediction boils down to finding patterns in data, specifically patterns that let you calculate the likelihood of future actions or desired outcomes. Today, the word prospect is becoming a more accurate and powerful word for B2C marketers. By leaning into predictive-based prospects, you are exponentially increasing the probability of closing a deal. Don’t believe us? According to the Predictive Intelligence Benchmark Report, Predictive Intelligence recommendations influenced 26.34% of total orders of a surveyed group.
Let’s dive in a bit further to a case study. Our example of successful predictive intelligence marketing is none other than the e-commerce behemoth, Amazon. Chances are you’ve visited their website in the past few months. You’ll recognize an organized maze of scrolling products, a search bar, and your shopping cart. Something you may have not thought too much about is how they have selected products you ‘may be interested in’.
It starts with the information collected from a customer’s past purchases, and then uses that data to forecast what the customer is most likely to purchase in the future. This results in personalized recommendations. Sounds simple right? Well, it’s more complex than that.
Amazon will still consider the items the customer has clicked in the past, what the customer has shown interest in, and the most preferred suppliers for the customer. Such rich information helps Amazon to make accurate recommendations. The result of this will be more sales and increased customer satisfaction.
Amazon’s budget for predictive intelligence is likely much higher than yours or mine. And while we may not be able to achieve the results they do on such a scale, there are many ways to leverage predictive analytics on smaller more relevant scenarios.
From data to sentiment forecasting, predictive information comes in different shapes and sizes. Social listening is one way to track density of certain search terms or overall attitudes toward a subject matter. If you run your business primarily on the Google cloud, Google Cloud AI may be of interest to your company. And if you are B2B or B2C and use HubSpot as a CRM, they have intrinsic tools to their platform that help you make highly educated decisions on future campaigns or automation.
Predictive marketing and knowing your audience are becoming increasingly important as the online market deepens and saturates. To cut through the noise and improve your chances of converting a customer, planning for their future moves is of key importance. At My Social Biz we help you drill down what behaviors to keep your eyes on, as well as identifying trends well in advance that you should utilize in your strategy. Let’s get you started with a complimentary assessment to see where you can access untapped potential!