How Can I Increase the Value of My Marketing Investments Using Predictive Analytics?
If your marketing strategies cost more than they earn, they obviously aren’t good long-term marketing strategies. One of the most useful tools at your fingertips for ensuring and increasing your marketing investments’ value is predictive analytics. Specifically, using predictive analytics to anticipate an individual customer’s needs and wants. Predictive modeling can provide profound insights into customer preferences and trends, allowing you to tailor your strategies around the customer. This is customer experience optimization. Customer experience is a major revenue driver!
If you understand which questions you’re trying to answer or issues you’re trying to resolve from a business perspective, you can build models that will help you understand a customer response to a particular treatment, allowing you to address those key business questions and engage customers more personally.
Some key questions or issue you might want to begin with are:
- Not enough customers
- Customers not buying enough
- Engaging the wrong customer
- Haven’t found the right customer
- What new markets can we engage and how
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Patrick McDonald is an Associate Director with Protiviti focused on advising clients in the Retail, Manufacturing and Telecommunications industries on analytic solutions. Over a 20 year career in advanced analytics, Patrick completed tours in a big four firm and leading analytics technology and software companies.