Predictive Marketing Analytics Using Historical Data and Trends
Predictive marketing analytics for marketing would have been adopted years ago – if only the compute power were more ubiquitous, robust, powerful, the data were more accessible, and the software were easier to use. Now “predictive marketing” itself is almost a buzzword, after nearly 30 years of backward-looking marketing tracking.
As an experiential and marketing company that connects people with brands, we take every campaign and experience we create very seriously. We are result driven and this is why we are investing in Predictive Marketing as a product under Doingsoon which we will be launching towards end of the year.
What exactly does predictive marketing offer?
Predictive marketing is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.
How does predictive marketing work
Predictive marketing comprises all tools, processes, and rules for applying AI-fueled predictive analytics to sales and marketing strategies. It works through collection and analysis of customer data from a growing list of data sources including CRM systems, surveys, social media channels, and other platforms of customer engagement. This breadth of knowledge is then applied to the entire marketing process spanning all the customer journey stages and every single channel of brand communication to identify future risks and opportunities.
Why is this important for businesses and brands?
Predictive marketing is hardly a new phenomenon. Individual methods and applications have been around for years, used by savvy marketers to enhance products and improve targeting of their marketing campaigns. However, in recent years, we have seen a remarkable evolution of data science and analysis, accompanied by the development of supporting technologies such as cloud computing, which made predictive analytics accessible and affordable to almost every business.
As data intelligence is permeating every industry, forward-thinking companies shouldn’t overlook the incredible potential that predictive analytics can bring to their marketing. It’s impossible to collect all the use cases that it can help resolve. The technology can drive sales and growth across every vertical and can be applied to a myriad of use cases that marketers may implement to bolster up their campaigns and content and create compelling end-to-end customer experiences across every touchpoint.
It should be noted that while predictive marketing capabilities will become more and more accessible to startups and small businesses, these techniques require a high sales volume in order to build and train a predictive model adequately and this is where Doingsoon comes in using our existing data and infrastructure as a platform for prediction. While even small companies can drive billions of impressions or millions of clicks and low-ticket eCommerce product sales, data about face-to-face sales is harder to accumulate with smaller or newer companies. This potentially puts larger companies in favor of successfully yielding a return on investment from techniques that involve sales data.
Ready to start with predictive marketing?
How about your business? Are you ready to grow your brand with predictive marketing? You can reach out to us if you are interested in learning more about custom predictive marketing solutions.