Is Marketing Predictable?

So what is predictive marketing? It is a marketing technique that involves using data analytics to determine which marketing strategies and actions have the highest probability of succeeding.

It has a place in the marketing technology landscape, as companies make use of general business data, marketing, and sales activity data, and mathematical algorithms to match patterns and determine the best-fit criteria for their next marketing actions. Companies that utilize this strategy strive to make data-driven decisions to yield better results

Three main factors have led to the boom in predictive marketing including the massive amounts of data marketers can access from all available sources, access to data in real-time, and the introduction of cloud computing that provides Big Data technologies.

Now that Marketing Tech tools are more accurate and sophisticated, marketers have access to better results and can measure advertising and audience sources to create campaigns with predictable responses. However, there are challenges with regard to seemingly predictive marketing.

One of the frustrating challenges with this approach is that it may not live up to some executives’ and marketers’ expectations for fully-automated analytics.

Many marketers and business owners looking for results face this common challenge. and this is a result of the fact that marketers fail to marry the art and science of marketing. Humans remain smarter than computers. That is not to say that there are no advantages. let us look at the benefits of predictive marketing.

There are several advantages of Predictive marketing such as having insight into consumers and their behaviours including improving customer engagement and increasing revenue, gaining more sophisticated segmentation of data, identifying campaigns and actions that are better targeted to customers, better-utilizing marketing budgets, and improving lead scoring.

Overall, it takes much of the guesswork out of marketing and the benefits of predictive marketing empower companies to conduct more accurate forecasting.

It also puts marketers in a better position to see what’s around the bend and perform better in terms of upselling, making the next-best offers, determining long-term profitability, and being prepared for shifts in market conditions.

Would you like to take advantage of predictive marketing? check out my next stash on predictive marketing tools and their uses.