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Predictive analytics. What is it? What can it be used for in marketing? Is it easy to implement?
As the technology edges closer to maturity in digital, here's an introduction to predictive analytics.
When PPC is as important as it is for Argos, understanding how external factors impact on conversion and spend is vital.
Argos' paid search agency Summit won a Masters of Marketing award in 2015 for doing just that, optimising bidding for the retailer in reaction to competitor TV ads, weather and seasonality.
Let's look at the what made this a winning campaign...
One of the best ways to determine what will happen in the future is to look at the past.
In today’s big data-driven world, we have the ability to access and use information on how customers are interacting with our websites and social media networks.
But if we’re capturing this information without knowing how to use it, it’s of no use.
Just as digital technologies have improved the array of customer data available to marketers, sale teams have also benefited from advances in analytics technology.
It’s now possible to get a detailed view of potential customers, their previous interactions with your company and what they’re interested in, before the sales team even make contact.
At Econsultancy we do a number of events and research focused on B2B marketing. Indeed the upcoming Festival of Marketing has a whole stage dedicated to it.
A recurring theme is the relationship between sales and marketing.
In most B2B organisations, sales is still the dominant function. We often hear that sales and marketing should work more closely to together, focus on the whole customer journey, establish agreed processes, terminology and definitions (what exactly do we mean by a ‘sales qualified lead’?), hand off points and so on.
It seems like the staple diet of a digital marketing blogger is to declare something dead, or not dead, or cleverly D.E.A.D.
Only this week, our David Moth wrote a piece on email marketing’s rude health (email is not dead).
I think the reason we’re obsessed with the death of marketing technology is because, despite the pace of change in digital, there are many age-old marketing principles that remain absolute.
Relevance, timeliness, perhaps more broadly the four, five or seven Ps – these will ever remain in the marketing canon.
And, of course, no matter how sophisticated technology becomes, there will still exist businesses that don’t get the marketing mix right.
However, despite all this, I am interested in areas of marketing that might undergo automation and sophistication to the point where they require little work.
What I foresee is the perfection of certain disciplines (e.g. marketing automation) throwing light on new priorities, such as a renewed interest in conversion rate optimisation or data cleanliness.
With marketing as a department more powerful than ever, why would the amount of work decrease? Surely we’re sticking our elbows out, and our oars into every part of the org?
So, what about email segmentation? Will there be a time when it’s no longer a core skill, something to be done actively by marketers? Will technology take care of it for us?
Predictive analytics has been around for a while, as has machine learning, but it's only now with the profusion of cloud-based software in marketing that this form of data analysis has started to take off.
AgilOne is a US company, launched 2012, now branching into the UK, that provides predictive analytics software. I spoke to CMO Dominique Levin to find out more about this technology.
Is it powerful enough to make one-to-one marketing a possibility and not a fallacy?
Predictive analytics is way ahead of even lead scoring in helping companies close new business, and new SaaS vendors make it easier for companies to adopt it.
In this post I'll look at how B2B marketers can make use of predictive analytics to provide double digit increases in leads, opportunities and sales.
But first, here are a few examples of well-known B2C brands achieving big wins with predictive analytics and marketing automation.
What is the most valuable asset a business has? There are a number of potential answers, but for most businesses today, one of them is 'data'.
Thank technology for that. Most businesses, no matter what industry they're in passively collect data that can be analyzed to provide deep insight. From point of sale systems to computerized record keeping software to web analytics solutions, businesses have a wide range of tools that collect data on a 24/7 basis.