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The Power of Predictive Analytics

Posted by Jim Iott on May 18, 2018 3:23:54 PM

 

Successful marketing programs depend on knowing which customers to target, with what offers, and when. When you need to improve the effectiveness of your marketing efforts but aren’t sure how, consider investing in predictive analytics.

A Worthwhile Investment

Think of predictive analytics as a worthwhile investment that will ultimately reduce your marketing costs, while improving your overall ROI. Predictive analytics is vital to successful marketing campaigns and some reports estimate that spending on predictive analytics for direct mail, email, and display will reach $4.20 billion in 2018.

 The following are just a few of the things that predictive analytics can help you with:

  • Get valuable insights into both current and prospective customers and determine effective customer engagement and marketing strategies
  • Identify the best customers to target using models that will identify who will be most likely to respond to your offer, spend the most, and provide the greatest lifetime value
  • Test various program aspects for optimization

Maximizing Resources

Many companies don’t have analytics resources in-house though or if they do, their analytics team is already committed to other projects. Whether you need analytics for a particular program or are looking for a more long-term, strategic partner, a third-party provider that has direct access to predictive analytics capabilities can help you improve your marketing without having to bring these resources in house.

Topics: Predictive Analytics, predictive modeling, Data Analytics, Data Driven Marketing