Surely you heard that funny idiom comparing big data to teenage sex- “everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it.” The same can be said of predictive analytics, as no one really knows how awesome it is until they are using it.
Here are the birds and the bees of predictive analytics.
- Your CRM houses who your buyer was.
- Marketing automation houses what actions they took in their path to becoming a customer.
- And public web data contains anything and everything including: social presence, employment info, education levels, income brackets, title, gender, the list is endless!
A good company will know some of these data points that make up their customers, say gender and location, and will spend time and marketing dollars to find more customers that match those attributes.
A smart company will leverage all the data points that make up their ideal customer and build a predictive model to tie together the who+behaviors+thousands of data attributes to find more leads that match their existing customers.
Now here comes the hard part.
- Without asking 500+ questions on a web to lead form, or manually pulling data from 500+ different data sources, most companies can’t find out all the data needed to build a truly predictive model.
- Even if the company has data, most find it difficult to stitch together the data in a 360 degree view of the customer from the available info.
That is where predictive analytics technology comes in. At Newcleus, in building a predictive model we will do the following 4 steps in the diagram below:
It is always fascinating what a predictive analytic model uncovers for companies about their customers and business.
With these insights, companies can:
- prioritize sales efforts based on which leads are more likely to buy,
- analyze marketing campaign effectiveness so that they produce bigger pay-offs,
- dive into untapped gold sitting inside the CRM, and
- ultimately win more customers in less time.
Now that you know what predictive analytics really is, contact us and see if we can help you close more sales