In my consulting work, I often see marketers and business owners who don’t believe these advancements are relevant to their marketing strategies. Predictive analysis can make this possible. People want to use this technology, but they don’t know where to start or how to apply it. By using your customer segments and customer personas, you’ll be able to have a more advanced automation strategy. As you can see, improving your churn rate even by a percentage point or two will be a huge advantage for your company. Predictive analysis will improve this strategy. Segmenting those people accordingly will improve your targeting strategies. By applying predictive analysis to your lead scoring system and qualifying your leads, you will accelerate new leads through the conversion funnel. Your predictive analysis models will help with your customer segmentation strategy. This software will improve your automation tactics and help you prevent customer churn by identifying it before it’s too late.
The world of technology is constantly evolving.
As a marketer, you need to stay up to date on new advancements that could benefit your company.
You don’t want to be left behind while your competitors forge ahead by adapting to the new world.
In my consulting work, I often see marketers and business owners who don’t believe these advancements are relevant to their marketing strategies. But this couldn’t be farther from the truth. New types of technology such as AI and machine learning are reshaping marketing.
While the technology is advancing rapidly, the basic concepts behind its applications remain unchanged. Everything is still focused on the customer.
Your marketing efforts need to reach your target audience. Your campaigns must find ways to speak to these people, and you can achieve that by personalizing and improving their experience.
Predictive analysis can make this possible.
Some of you may already be running campaigns and have strategies in place that focus on improving the customer experience and personalizing content.
However, predictive analysis technology will bring these ideas to the next level. You’ll see what I mean as I continue.
Surprisingly, only 23% of businesses are currently using advanced and predictive analysis tools:
That said, about 90% of businesses believe it’s at least somewhat important to implement predictive analysis tactics in their strategies.
What does this information tell you?
Well, it seems as though the vast majority of business owners and marketers recognize the need for predictive analysis, but they just haven’t proceeded.
Since you’ve navigated to this guide, I’m assuming you fall into this category. Or maybe you fall into the 16% of marketers currently evaluating advanced analytics software.
People want to use this technology, but they don’t know where to start or how to apply it. This was my inspiration for this guide.
You need to be able to adapt. In fact, adaptability is one of the top marketing skills you need to survive in the age of AI.
Making the decision to move forward with predictive analysis is the first step.
Now you need to figure out how this technology will improve your marketing strategy. If you apply the concepts I’ve outlined in this guide, you’ll have a huge competitive advantage.
Enhance your customer segmentation strategy
Your customers don’t fall into the same group.
Treating all people the same is not an effective marketing strategy. I hope you’ve already started segmenting your customers.
Marketers have been doing this well before the days of big data. But this can be drastically improved with predictive analysis.
Predictive analysis can make it easier for you to compile demographic data. I’m referring to parameters such as:
- age
- race
- gender
- location
Typically, it’s easy to learn this information about your customers. But segmenting them by those factors alone is not enough.
By using predictive analytics technology, you can identify trends for deeper segmentation.
You’ll ultimately pair demographic data with psychographics. This type of information can be obtained from social media, website analytics, surveys, and focus groups.
It doesn’t stop there. You can also collect behavioral data, such as how each customer uniquely uses your service or platform, e.g., your website or mobile app.
When you combine all the demographic, psychographic, and behavioral data about your customers, your predictive analysis model will create segmented groups with greater accuracy than it would if it used only one type of information at a time.
You can create customer personas once the data has been optimized from the predictive analysis formulas:
Once the segments have improved, your customer personas will be more precise and targeted accordingly.
Customer personas and customer segmentation are not quite the same although they’re often confused with each other. Ultimately, the two concepts work together.
With the information you get from your advanced segmentation strategy, you’ll be able to build a customer persona. These personas will be used for driving sales and conversions.
You can eventually use your predictive analysis software to improve lead scoring.
Once someone has been properly segmented, you can send them the right campaign, which will make it easier for them to convert. I’ll discuss lead scoring in greater detail later.
Improve automation
Customer personalization needs to be a key part of your marketing strategy.
But efficiency needs to be a priority as well.
It’s unrealistic for you to manually analyze every customer in your database. Most people leverage basic details with their automated platforms.
They use basic factors, such as the customer’s name, email address, location, and maybe their age.
For example, you could have an automated email go out to a customer on their birthday. This strategy is OK, but it can definitely be improved.
By using your customer segments and customer personas, you’ll be able to have a more advanced automation strategy.
With this type of data, you can create campaigns to show your customers you fully understand their wants and needs. Furthermore, you’ll know how to address those wants and needs.
Once your automation efforts improve, it will be much more profitable for your business.
That’s why such a large majority of marketing executives who have been using predictive analytics to improve their marketing…
COMMENTS