Use Predictive Analytics to Improve ROI?
Predict Consumer Behavior, Say What?
What if I told you – you could understand your customers so well you could predict their behavior? Predictive analytics help businesses attract, retain, and grow their customer base with little risk. Here’s how to maximize your marketing strategy without maxing out your budget.
Know Your Product and Your Market
With predictive analytics, you’ll know what products will do well and how to market them.
The result: a strong ROI every time.
Establish a Model Using Predictive Analytics
Everything is scalable and can be applied across company divisions and industries. That means your sales team, service providers, customer service reps, back-office staff, etc. can work together to create an extraordinary experience for your customer.
The result: brand loyalty through customer satisfaction.
Evaluate and Update It
After doing the research, creating the strategy, and deploying it, it’s time to evolve it. Regularly evaluate and update the predictive model so you never miss a sale and stay ahead of the curve.
The result: cost-savings and brand-staying power.
Now, How Do You Get Started?
- Identify your goal, problem, or question to answer (Plan).
- Hire Graphcom (just kidding). Compile your data or build a process for data collection.
- Rally your analytical and IT team to build the predictive model (Create).
- Determine what marketing tactics to test and how to measure them.
- Establish your testing and variable data points.
- Set your goals.
You’re no longer a trend…you’re a cornerstone in the industry, a thought leader, and more profitable than your competitors. And, the best part is, you’re probably spending less on marketing than you were a year ago.
Remember, the key to predictive analytics is to have a team in place that understands big data and how to interpret it. If you don’t have this, it’ll feel like swimming in an ocean of numbers. An experienced, data-minded marketing solutions partner will ensure that you get the metrics you need and a strong predictive model.