AI Tech Entrepreneur, C-Suite Executive and Advisor. CEO, Co-Founder of Morphio.
Imagine being able to look into the future and see whether marketing campaigns are home runs or duds. You’d essentially have a crystal ball. Well, it isn’t something out of a sci-fi movie. You simply have to use predictive marketing software.
Predictive marketing solutions use historic and current data to train mathematical models. These forecast the performance of marketing campaigns, customer segments and channels, allowing businesses to focus on ventures that will improve their bottom lines while moving lagging assets to the back burner.
If you’re interested in adopting this type of software, look for demos and trials. Give them a test drive. My company’s software is one option, but there are many others on the market. SAP Analytics Cloud and MicroStrategy’s analytics platform are popular choices among enterprises. No matter the tool, ensure that it integrates with all of your channels and platforms to get the most data to use. Dashboards should be easy to understand and intuitive. Look for fast and helpful customer support that maximizes what you get out of the platform.
Once you’ve done this, here are four powerful ways your business can leverage predictive marketing to grow faster than ever.
Detailed Lead Scoring And Segmentation
HubSpot found that 61% of the marketers it surveyed said generating traffic and leads is their top challenge. But it’s not just about getting leads through the door. They also have to be measured based on their likeliness to close and where they are in the sales funnel. Welcome to lead scoring.
While ranking leads based on their potential conversion rate can be done by hand, predictive software takes the burden off your shoulders. Predictive lead scoring automatically uses the behavior and attributes of leads to forecast conversion rate, lifetime value and other key metrics.
Look for leads that have the highest forecasted scores. They are the most likely to convert. Hand these off to your sales team. Have them reach out and nurture relationships. Offer meetings, demos and exclusive content. Your business may be able to proactively fill the pipeline and convert more leads in a shorter time frame.
Additionally, I suggest using predictive software for segmenting. It can automatically audit existing customers and their past behaviors to forecast the traits that make up the most profitable groups. Take this information and feed it into assets like Facebook Ads or Google Ads to refine targeting. This can decrease cost per acquisition while increasing conversion rates.
Predicting Churn And Funnel Drop-Off
Businesses need thorough marketing funnels to maximize leads and sales. However, how do you know where customers are going to drop off in the funnel? How many are going to churn next month? You will have a superpower if you are able to forecast this.
Predictive marketing software is capable of predicting how many users are going to churn on a consistent basis. Knowing this, you can increase customer service, improve the user experience of your