Using Predictive Analytics in 2016 to Drive Full-Funnel Demand
Smart Planning to Hit the Ground Running in the New Year
- Quick, what are you thinking?
- Thankfully, this year is almost over!
- Holy cow I don’t know what the heck I’m going to do next year to drive demand!
- Man I need some new ideas for next year.
I know for me I’m really starting to think about what I can do differently as a marketer. It’s time for some fresh ideas. Not only because I want some new results, but also because I like the challenge of being creative and thinking up something new for my brain to noodle on.
At Lattice, we believe that predictive analytics should be added to that list. Predictive analytics can tell you who will buy, what they’ll buy and when. It’s looking ahead so you can optimize your funnel earlier in the process – you don’t have to wait. You can pull the trigger sooner on your ideas. And who among us doesn’t need to hit the ground running in 2016?
How Predictive Marketing Works
Modern marketers already have a wealth of knowledge about their customers and prospects in their CRM and marketing automation systems. The Lattice Data Cloud help flesh out the data by adding insights from a variety of third party sources that cover financial, social, firmographic, web, technology and news updates. From there, predictive analytics can be used to identify the unique fingerprint of your most valuable customers. This pattern can then be used to identify the best revenue opportunities within your prospect and customer base.
Top Marketing Challenges in 2016
Most marketers are looking to grow revenue for their businesses by doing one or more of the following:
- Acquiring new high quality leads to nurture and develop programs against
- Prioritizing existing leads and accounts to focus all sales and marketing efforts on the best opportunities
- Growing wallet share from existing customers
Acquire High Quality Leads
Predictive can help ensure you are adding the best new contacts to your database with the power of intent data. In short, intent data is collected via cookies from search engines, communities, media sites, blogs, forums, etc. about a web user that make show some intention or future action. For more about the topic, I encourage you to read this blog post, Find Buyers Before They Come Knocking On Your Door. These should be contacts that look like your current customers AND are showing interest in your space!
Prioritize Leads and Accounts
Predictive lead scoring is typically the most common thing people think of when they consider predictive analytics for marketing and sales. Think, target lists for sales to know whom to call and target lists of accounts to support an account-based marketing strategy.
Grow Existing Customers
Predictive can help you identify which customers are more likely to convert on cross-sell and up-sell opportunities along with helping to find which customers are at risk of churning.
The icing on the cake? You can use your predictive scores in so many creative ways in your marketing campaigns. Here’s a quick look at some of our customers’ successes.
If you are looking to understand more about how predictive marketing can help I encourage you to check out these resources: