Predictive technology the next big step for marketers as digital spending dominates
Lee Hawksley says use of predictive technologies on the rise
Nearly half of Australia’s marketers are planning to bet big on predictive technology to frame their marketing objectives as they try to get a handle on the evolving customer journey.
A global study of marketers by Salesforce, which included hundreds of Australian marketers, revealed that technology ‘was growing in its influence over the direction brands were taking’.
Australian marketers lagged only behind those in the US in their plans to integrate predictive technology into their strategies.
98% of the 47% (of Australian marketers) don’t know the meaning of predictive analytics. The publication of self-serving PR releases is an abomination.
I beg to disagree Richard.
The vast majority of marketers who have implemented marketing automation, and in particular B2B marketers, are very aware of what predictive analytics is, in some shape of form.
Lead scoring is a basic form of predictive analytics. More advanced and automated predictive analytics is now a key component of marketing clouds making it much easier and more comprehensive to use across website, digital advertising, email, mobile and other channels.
Predictive analytics is the core value proposition of lifecycle and retention marketing platforms as well. For example, Custora and Windsor Circle, and they have been around for 5 years now.
Have you or your company developed a customer lifetime value (CLV) measure? That’s using predictive analytics to determine how much a customer will buy from the company over time.
Do you have a “next best offer” or product recommendation capability? That’s an analytical prediction of the product or service that your customer is most likely to buy next.
Have you made a forecast of next quarter’s sales? Used digital marketing models to determine what ad to place on what publisher’s site?
All of these are forms of predictive analytics.
The advance of technology and SaaS providers over the past 10 years has simply made it much easier to implement predictive analytics and importantly use it in real-time across most channels.