The best companies don’t just market to their current prospects, they market to their future buyers too. Learn how to do that with predictive marketing. The marketing landscape looks completely different than it did 25 years ago. Social media marketing and online advertising have changed the way we market, and now there’s more new technology marketers love.
Predictive marketing analytics is the next new marketing trend, and it looks like it’s here to stay. Eighty-two percent of marketers believe that predictive marketing needs to be a part of any marketing strategy. We’re at the point where businesses can’t afford to not invest in it. If you want to learn about one of the hottest new marketing techniques, you’ve come to the right place.
Read on to learn more about how predictive marketing can benefit your business.
What Is Predictive Marketing?
Predictive marketing is a kind of marketing technique the uses data and analytics to determine the effectiveness of marketing strategies. There are a lot of ways for companies to benefit from using a predictive marketing strategy. Business can use data they’ve collected from customers and sales to predict where to put their money and manpower. Predictive marketing is a powerful tool because it can predict trends in the present and in the future. Imagine being able to learn the best way to appeal to your target market in the next fiscal year!
What Can I Learn with Predictive Marketing?
Now that you know what predictive marketing is, you may be wondering how it can benefit your business. Companies use predictive marketing for a variety of reasons. We’ve found that these are the most helpful benefits businesses can get from the right marketing techniques.
Marketing Mix Modeling
Do you want a way to accurately measure the success of past marketing techniques? Mix modeling can help you glean valuable insights into past campaigns. When you use a mix modeling to analyze data, you can see how your past marketing techniques have contributed to revenue and their true ROI. Get more info on mix modeling from businesses that specialize in predictive marketing.
Every business should have an accurate idea of where they find their most loyal customers. The right predictive modeling platform can help identify potentially valuable customers. Predictive marketing software can figure out which customers are the most valuable to your business. It can find which customers are more likely to make multiple purchases, or which ones could refer you to new customers.
Cross-Selling and Upselling
Knowing which customers could benefit from other products or services could drastically improve your sales. The right software can use buyer personalities, past sales data, and related purchases to make useful product and service suggestions to existing customers.
Grow Your Business the Right Way
Predictive marketing isn’t the only way to help grow your business. There are plenty of other ways eager entrepreneurs can improve their business and increase their profits. We have a lot of marketing information on our website that can help. Browse our marketing content and learn how to grow your business with marketing the right way.