Comparing Predictive Marketing vs a Predictive Marketing Organization
Predictive analytics is booming. Regardless of industry, use case or department everyone is attempting to find their own secret sauce in the space. Marketers have ample opportunities to leverage models and technologies and partner with data scientists to make smarter marketing decisions. Yet, despite the abundance of predictive tools and tactics, marketers haven’t been able to agree on the definition of “predictive marketing.”
To help find an answer to this question, we interviewed over a dozen marketing executives on what predictive marketing is. Very quickly it became clear that there is a HUGE difference between predictive marketing and apredictive marketing organization.
Gartner’s description of predictive analytics is as follows:
- An emphasis on prediction (rather than description, classification or clustering)
- Rapid analysis measured in hours or days (rather than the stereotypical months of traditional data mining)
- An emphasis on the business relevance of the resulting insights (no ivory tower analyses)
- (Increasingly) An emphasis on ease of use, thus making the tools accessible to business users
The above is important as predictive marketing is essentially predictive analytics utilized by marketing. It is a tactical action that can be put to use by different marketing functions and across different stages of the revenue generation process. It is integral tool for any advanced marketing department.
Predictive Marketing Organization
Where predictive marketing is tactical and use case specific, a predictive marketing organization is a systematic- or solutions-oriented approach to marketing as a whole. Within a predictive marketing organization it is required that predictive marketing is tested and utilized in many ways. However, the fundamental differentiator is within a predictive marketing organization all actions are driving towards the goal of revenue predictability.
In the coming weeks Lattice will share more analysis from our interviews and research with marketing executives. We’ll ultimately publish a report titled “Building a Predictive Marketing Organization.” Subscribe to our blog at the right to ensure you don’t miss anything!
In the meantime we would love to hear to what predictive marketing is to you in comments below or feel free to email me directly (firstname.lastname@example.org)!