Over the last few years, marketers have had to really step up their analytics game to not only improve their results but also facilitate higher revenue achievement. Some companies have done a good job of taking advantage of innovation, using new technology to drive competitive advantage.
In 2016, much of this innovation will come in the form of predictive technology, which leading marketers will harness to separate themselves from the pack by using it to spot trends, prevent bottlenecks, identify retention leaks and capitalize on opportunities before they occur — not after the fact. In this video, I talk a little more about how I see predictive technology impacting marketing:
Consider multichannel customer journeys, for example. They can involve smartphone apps, personalized emails, SMS text, mobile push notifications, sophisticated websites, webinars, events and more. Behavioral and other data is being created through every button click, download, page visit, video watched and shopping cart purchase — to name a few.
To manually analyze all this data in a timely manner is both time- and resource-intensive. Given that every contact’s path to purchase is unique and data-rich, how can marketers make sense of this all information?
Thankfully, new analytics technology is emerging that will enable companies of all sizes to collect pertinent data, use advanced statistical modeling to identify causal factors, and provide recommendations for proactively addressing a problem or seizing a revenue opportunity. You might, for example, tap the power of predictive marketing to:
- Determine the best channel or content with which to interact with someone
- Retain your most valuable customers by detecting gradual loss of engagement or sudden likelihood of churn — and the best response
- Determine the most effective offer based on other customers' responses that share the same characteristics
Here are three tactics to consider in 2016 to help prepare you to harness the power of predictive marketing:
1) Up your department skills. Statisticians and research analysts will no longer be the sole property of academic institutions and think tanks. Make headcount plans for hires who can use new solutions to not only gain insight from what’s happened in the past, but to also uncover issues before they become a problem or discover amazing opportunities to capture revenue and market share.
2) Employ the latest technology. Look to move beyond basic reporting and spreadsheets to make predictive capabilities a strategic weapon for your company. Allocate budget dollars to invest in new solutions that will give you the valuable insight you need to stay ahead of your competitors.
3) Institutionalize new analysis findings. The way many businesses assess their results, forecast future business, and determine marketing and sales success is deeply rooted in the corporate DNA. Now is the time to shake up those processes and introduce new analysis and predictive approaches so the executive team embraces these methods and accelerates smart decision making.
For more on the top digital marketing trends of 2016, please check out our white paper, “10 Key Marketing Trends for 2016 and Ideas for Delivering Exceptional Customer Experiences.”
1) White Paper: “Customer Journey Maps and Buyer Personas: The Modern Tool Kit for Marketers”
2) Blog: “4 Tips for Delivering More Personalized Content”
3) Ebook: “Ultimate Guide to Assessing Your Digital Marketing Program”