Business owners and marketers are continually interested in forecasting industry trends and predicting the behavior of their customers.
With predictive analytics, a company can use existing customer data to extract reasonable and generally reliable forecasts for its business and marketing efforts. Here are five ways to use predictive analytics to sharpen your multichannel marketing:
- Integrate customer data from existing sources: Update and refine customer data from multiple sources within your organization. This will eliminate redundancies and make information in your customer database more accurate and useful. It will also provide a single view of individual customers that can be applied to all sales and marketing efforts throughout your company.
- Apply social media analysis to customer data: Explore the many connections your customers maintain within social media networks. These connections with family, friends, coworkers and organizations could reveal otherwise hidden opportunities to focus your multichannel marketing more effectively.
- Find out which promotions work best: Different customers will respond to certain types of promotions and marketing techniques in different ways. Customers who want high quality and are willing to pay for it may not be interested in using coupons, for example. Use predictive analytics to assess not only which channels produce the best results, but what types of offers generate the most sales and highest conversion rates.
- Learn about your customers and what they want: Predictive analytics can help you find out what your customers want from the products and services they buy. When you know this, you can better align your offerings to provide the desired features and benefits. You can also design multichannel marketing campaigns that are more effective at developing interest and triggering purchases.
- Trim unlikely prospects: Since predictive analytics is designed to tell you which customers are likely to buy from you, these techniques can also reveal which prospects or customers in your database are least likely to make a purchase. Remove these nonresponsive individuals and make better use of your resources by directing them toward customers who display a better chance of buying.
How can you apply predictive analytics to your multichannel marketing to improve customer interaction and increase the possibility of sales?
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