Predictive Marketing Use Cases
Predictive Marketing makes the revenue generation more efficient, predictable and helps to eliminate waste. Here are some of the most prevalent use-cases of predictive marketing.
The first use-case is engaging the right buyer.
Predictive Marketing allows marketers to narrow down their conversations to one-to-one conversation with prospects and deliver more personalized campaigns. Predictive Marketing helps marketers to choose the best message, marketing asset, most creative and even the optimal product in order to engage a prospect.
The secret is continuously measuring results, and using the underlying data to predict which prospect should get which combination of messages, assets and ads.
The second use-case is growing new markets.
In cases where you would like to expand to a new market, either geographic or even into a new vertical, you can use some of your existing data to find new targets at that market as well. Predictive analytics can help you find the most powerful indicators that describe your valuable customers in your existing market. Then, using these indicators, you can find new customers with the same characteristics in your new market.
Predictive Marketing can help you identify and seize new markets, save time on strategic analysis and create a go-to-market strategy faster.
In this example, if you would like to expand from the US to Germany, you can build a model that is based on the DNA of your US customers and then try to look for similar prospects in Germany with a similar DNA.
A third use-case for Predictive Marketing is cross-selling and up-selling.
When launching a new product or feature or when you have a very large house list spread across different products and services, you can use Predictive Marketing to match prospects to the products that he or she is most likely to buy.
The secret is finding your ideal buyer persona for each product. And then, by enriching each lead in your database with thousands of data points (sourced from the web and other databases), to find those who most resemble this ideal persona. Predictive Marketing can also help you identify products and services that people are most likely to buy.
Another use-case for Predictive Marketing is finding new prospects.
This is where every marketer stumbles. There are never enough new leads to curb sales’ appetite. With Predictive Marketing however, you can find new prospects that fit your buyer persona.
Using Predictive Marketing, you can build a quantitative model that describes your most likely buyer. This model will weigh indicators such as size, technologies and job titles that are prominent among your potential buyers. Then, it will search other lead-databases for prospects with similar characteristics and high likelihood to buy.
Predictive lead scoring is an interesting use-case for Predictive Marketing.
Predictive lead scoring predicts a lead’s likelihood to buy by weighing demographic and behavioral attributes. Each lead in the database then receives a score from 0 to 100, based on how likely he or she is to becoming a customer. Marketers can use predictive lead scoring in order to decide which leads should be sent to sales reps.
Predictive segmentation is the sixth use-case that we’ll explore in this course.
Imagine Adobe’s analytics suite, for example. Adobe has multiple products and different audiences: analysts, designers, illustrators, web developers and more. Now, when a new lead arrives, which product should Adobe offer first?
This is where predictive segmentation can help. Predictive segmentation can take this lead, enrich it with additional data sourced from the web and add it to one of Adobe’s segments. The result is more relevant marketing and sales efforts. I usually refer to this type of Predictive Marketing as “demand air traffic control”.
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