With access to endless amounts of customer data and insights, you can leverage predictive analytic strategies to do more with your content. Predictive strategies allow you to use real-time customer insights to learn, understand, and predict future the behaviors and needs of your customers.
Having access to this information will allow you to connect with your audiences on a deeper level and create more successful campaigns that drive revenue increases.
In this article, we’ll take a look at predictive analytics strategies and platforms that can help you make 2022 the best year yet.
Here’s a quick look at the predictive analytics strategies we’ll cover:
Improve retention rates with churn prediction and prevention
Leverage lookalike audiences to grow your subscriber base
Predict future spending to engage with customers at the right time
Know what your customers want and personalize the experience for them
Make the most out of coupons with discount affinity predictive models
Drive increase sales with abandonment campaigns
Create cross-channel experiences
7 Predictive Analytics Strategies
There are a variety of different ways you can use predictive analytics to improve your current marketing efforts. It can all be done with the right predictive analytics strategy, from predicting and preventing customer churn rates to creating complex cross-channel experiences.
In this section, we’ll take a look at seven strategies that can help you take your marketing to the next level in 2022 with predictive analytics.
Each of these strategies will use real-time customer insights to drive more relevant and personalized experiences that encourage your customers to engage with your content. While you may not incorporate all at once, each has the ability to offer you a number of benefits and opportunities.
Improve Retention Rates With Churn Prediction and Prevention
Churn rates are something that every business has to deal with. People will inevitably subscribe to your marketing channels and later decide that they are no longer interested in the content.
Whether they initially signed up just to receive a special offer or discount or they simply lost interest in the products – you will never be able to retain every customer.
Determining what a high churn rate for your company is will depend on the industry you fit into. Churn rates vary from one industry to the next and range all the way from 25% to 11%. So it’s important to set your benchmarks and expectations based on other companies like your own. Image courtesy of Statista.
But with the right predictive analytics strategy, you can develop win-back campaigns that go beyond traditional data. To create more compelling campaigns, you can use more detailed insights such as individual purchasing cadence and categories purchased.
Predictive analytics provides you with the tools you need to understand each customer on a deeper level, making these types of campaigns possible.
The more personalized you can make your win-back campaigns, the more likely the message is to grab the attention of the customer and encourage them to act on it. These personalized experiences will result in improved retention rates and lower churn.
With the right predictive analytics platform, you can easily set up recurring campaigns that identify customers who are at risk of churning and automatically enroll them in your win-back campaign.
Using predictive analytics to reduce churn rates will allow you to identify and react to the changing behaviors of your customers. This will provide your customers content that is more relevant to their needs and will result in higher customer lifetime value.
Leverage Lookalike Audiences To Grow Your Subscriber Base
Many of your customers will share similar characteristics. Understanding what these characteristics are will give you insights into what types of audiences may also find interest in your products.
These potential customers are considered lookalike audiences.
Lookalike audiences are primarily used for paid search and social media to get your content in front of people who may also be interested in what you have to offer. They let you target prospects who are similar to the people who are already interacting with your company.
Using predictive technology to identify lookalike audiences will allow you to find prospective customers who may also be interested in your products based on their interests and behaviors. This allows you to identify and target more qualified prospects and increase your chances of converting them. Image courtesy of Datatalks.
A prospect that has been identified as a lookalike audience is much more likely to subscribe to your content than someone who is simply receiving a generic advertisement. That’s because you have the insights you need to create a more targeted message for lookalike audiences.
Having access to this information about your customers allows you to build a profile of who is most interested in your products. From there, you can use those characteristics to target new audiences who may not be familiar with your brand.
Creating these more targeted experiences through the data you have on similar existing customers will result in attracting more qualified customers.
Using predictive technology like predicted future spending, you can build lookalike audiences of your top 10% of all potential spenders to drive more qualified customers to your site. This will result in more effective acquisition campaigns and result in more engaged customers.
Predict Future Spend To Engage With Customers at the Right Time
Knowing when the right moment to engage with your audiences can make all of the difference. Predictive analytics will provide you with the tools you need to predict the future spending habits of your customers and proactively connect with them.
Predictive future spending habits will allow you to pinpoint what a customer may be in the market to buy and when. With that insight, you can create targeted messages that reach the customer at the right time.
This is an excellent opportunity to inject cross-selling and upselling techniques into your customer communication.
There are many products that a customer may need after their initial purchase. One prime example of this is when you purchase a new cell phone, you may likely need a new case or additional charges.
With the right predictive technology, you can actively predict this behavior and understand when a customer is most likely to come back and purchase those additional items. You will grab their attention and fulfill their need by sending them a well-timed email or advertisement.
Having the ability to predict the future spending habits of your customers will get your products in front of your customers at the most opportune moment – resulting in more sales and higher revenue.
Know What Your Customers Want and Personalize the Experience for Them
The more relevant you can make your content to the wants and needs of your customers, the more likely they are to engage with it.
It’s been shown that 80% of consumers are more likely to purchase from a company that provides personalized experiences. You can’t ignore the power of personalization and need to find ways to incorporate it into your marketing efforts.
Personalized experiences are very important for the success of your campaigns but can be challenging to develop. Luckily, with the help of predictive analytics, you can easily identify customer wants, needs, and interests of your customers to build dynamic and automated messages. Image courtesy of Bloomreach.
While we all know that personalization is the key to success, it’s often hard to effectively achieve – until now.
With the help of predictive analytics, you can use real customer data to identify trends, patterns and predict the future wants and needs of your customers. That insight will allow you to create highly personalized content that resonates with the intended subscriber every time.
By having a deeper understanding of what categories and products your customers are most interested in, you can create targeted, personalized messages for them. This insight will allow you to set rules and actions that serve customers with dynamic content based on their previous interactions.
A predictive analytics platform will provide you with the tools you need to create customized experiences through product or category affinity quickly.
With these insights, you can then develop messages that pull dynamic content and product recommendations to serve that customer the most relevant content.
Make the Most Out of Coupons With Discount Affinity Predictive Models
Coupons and discounts can be a great way to appeal to your customers but can also cut into your profits, especially when you consider that some shoppers out there don’t need a coupon to entice them to purchase from your company.
That means you don’t have to give every single customer a coupon or discount code.
If you’re constantly handing out coupons, your customers will come to expect this and will never make a full-priced purchase. This could result in decreased revenue that didn’t have to happen.
To make the most out of every transaction, you’ll want to know what customers are willing to pay full price and which ones need a little extra incentive to close out their carts.
Predictive analytics can help you do just this through predictive models that help you understand the likeliness of a customer to complete a purchase with or without a coupon.
This insight will then allow you to make the most out of each transaction and only provide coupons and discounts when it’s necessary. Using this predictive analytics strategy will result in higher profits.
Drive Increase Sales with Abandonment Campaigns
On average, 69% of online shopping carts are abandoned by users. This presents companies with an opportunity to identify these shoppers and remind them about the products they’ve left behind.
There are a variety of reasons why consumers might abandon their carts, such as extra costs, a complicated checkout process, and website errors.
Whatever the case may be, an abandoned cart is a great opportunity to reconnect with your customers. You can reshare the recent items they were looking at and provide recommended products based on the user’s interests. This may encourage them to purchase additional products beyond what they initially were shopping for. Image courtesy of Moosend.
Abandonment strategies can also include browsing abandonment. This is the idea of reminding shoppers about products they were recently looking at on your website. It’s an effort to bring people back to your website to complete a purchase.
Predictive analytics technology can help you identify who these audiences are without having to review customer data manually. It can automatically enroll people who meet the criteria into a campaign that reminds them about the products over time.
It can also be used to integrate dynamic content and predictive product recommendations. Adding these extra elements to the email can go a long way for your customers and encourage them to make additional purchases.
Create Cross-Channel Experiences
Your customers are using multiple channels to connect with the brands they love, and it takes 9.5 visits to a retailer’s website before they decide to make a purchase. Those customers who engage with more than three channels are also expected to purchase more than those who do not.
Connecting with your audiences across multiple channels is a great way to increase engagement and sales revenue. It’s been shown that customers who engage with campaigns on three or more channels are likely to spend more than those who have only engaged on one channel. Image courtesy of ClickZ.
That’s why you should incorporate cross-channel experiences into your marketing strategy.
The more opportunities you have to get your content in front of your audiences, the more they will begin to know your brand and recognize your products. They will then be more likely to think of your products when they’re ready to purchase.
But to successfully launch a cross-channel experience, you need to ensure it is seamless from one channel to the next. Each message needs to work together and act as a comprehensive experience.
To take your cross-channel experiences to the next level, you can inject predictive analytics technology.
Knowing what the next action your customer will take provides you with the ability to plan and react. For example, if someone recently unsubscribes from your email list, you can shift gears and begin to retarget them on Facebook to try and reactivate them on your email list.
These different channels can work together to create a comprehensive experience that works together to help you achieve your goals and reach your audiences at the right place and time.
8 Predictive Analytics Platforms
To successfully launch a predictive analytics strategy, you will need the right tools in place.
It’s not something you can just do independently or with a run-of-the-mill automation platform. You need something that provides you with advanced technology and has the power to run, analyze, and act on the customer data you have.
There are a variety of different software and platforms available on the market today to help you achieve your predictive analytics goals. But it can be challenging to know which option is the best for your business needs.
In this section, we’ll take a look at eight options that can help you launch a successful predictive analytics strategy. Each platform offers its own unique capabilities, and some may be better for more advanced data professionals – but this list will give you a great starting place.
Listrak is a cross-channel marketing platform that offers a variety of predictive analytics tools and capabilities. This tool will provide you with detailed customer data and insights-driven by artificial intelligence, machine learning, and statistical modeling to assess and predict future customer behaviors.
The Listrak platform makes it easy for you to connect with your customers on a more personalized level across various channels and platforms with predictive technology. Sending targeted campaigns that evolve with your customers’ needs will keep your content relevant to your customers’ needs. Image courtesy of Listrak.
Use predictive technology to make data-driven decisions that evolve with the needs of your customers automatically
Connect with your audiences at the right time and moment by using real-time data and insights to pinpoint the right message
Know what customers are most likely to open messages, unsubscribe, use coupons, and much more through predictive models
Create personalized experiences with predictive product recommendations based on previous purchases and interactions
Here’s what their customers are saying:
“We needed a best-in-class, enterprise marketing platform that could scale. We found that and more in Listrak.” – Listrak Customer Testimonial
Pricing: The Listrak platform has customized pricing based on the needs of your business. You’ll need to speak with a Listrak representative for detailed pricing information.
Explorium is a strategic data acquisition software that will allow you to gain valuable insights from your customer data and drive actionable campaigns. This platform provides you with the tools you need to predict, react, and engage with your audiences at the right time.
The Explorium platform provides you with all the tools you need to understand your customer data and leverage external data sources. This will give you the information you need to make data-driven marketing decisions and create highly effective campaigns. Image courtesy of Explorium.
Prebuilt predictive models to help you save time and focus on marketing strategies to increase ROI
Continuous data feeds allow you to react to the changing needs of your customers in real-time, without manual intervention
Gain access to external data that will allow you to have a better context and visibility into your customer needs
Use real-time data to optimize your sales funnel and drive more customers towards completing a purchase
RapidMiner is a data science platform that allows you to make the most out of your data and use machine learning capabilities to build targeted models. This tool will help you every step of the way, from cleaning and preparing data to deploying and managing the models you create.
RapidMiner gives you the tools you need to see a holistic view of your data and performance quickly. Having these insights at your fingertips can help you build more relevant and effective campaigns. Image courtesy of RapidMiner.
Make data preparation simple with tools that explore data to determine health, quality, and completeness
Quickly fix issues within your data sets to make the information more complete and valuable before creating a model
Machine learning capabilities that make building predictive models simple with just a few clicks
Easily execute models and create scoring processes and manage campaign performance of your models for the best success
Board is a decision-making platform that businesses use to better control and manage everything from business planning to analyzing performance metrics. It will allow you to connect all of your data points into one platform to help you make better business decisions.
The Board platform will give you the tools you need to understand better who your customers are and make it simple to react to their interactions. Having deep insights into your data allows you to do more with what you already have and create highly engaging content. Image courtesy of Board.
Bring all of your data together into one centralized platform to better understand each customer and gain valuable insights
Create real-time data models easily and have the tools you need to make updates to the model to react to any changes
Understand your customer data on a deeper level with detailed analysis capabilities that will allow you to create better campaigns
Build integrated workflows as part of your business modelings to connect with customers and automate engagement
Here’s what their customers are saying:
“We needed a planning system which integrates all planning processes. We needed a future-oriented planning system. We needed Board.” – Board Customer Testimonial
Pricing: The Board platform has customized pricing based on the needs of your business. You’ll need to speak with a Board representative for detailed pricing information.
TIBCO Data Science software is a tool that allows you to use data insights to solve complex problems and predict future outcomes. This software will allow you to tap into advanced data analytics, create and monitor models, and integrate your data channels from one centralized platform.
The TIBCO Data Science software can help you better understand your data, no matter what that data looks like. With the right tools, you can learn and react to changing data as it happens – keeping you ahead of the game. Image courtesy of TIBCO Data Science.
Gain access to all the analytics you’ll ever need from machine learning, predictive analytics, clustering, decision trees, and much more
Tap into automated analytical models with big data machine learning algorithms that can learn from real-time data and optimize performance
Easily monitor, manage, and deploy models and workflows to keep your campaigns fresh and up-to-date
Leverage data across various channels and platforms with easy integration capabilities
Here’s what their customers are saying:
“We could not do a lot of the custom engagements and thought leadership activities that we do if it wasn’t for the TIBCO Data Science tool. In terms of influence, the difference in using TIBCO Data Science is night and day.” – TIBCO Data Science Customer Testimonial
Pricing: The TIBCO Data Science platform has customized pricing based on the needs of your business. You’ll need to speak with a TIBCO Data Science representative for detailed pricing information.
TIMi is a platform that offers businesses the tools they need to push the barriers of analytics and predictive analytics. With this platform, you can easily collect, manage, predict, and act on customer data and actions.
The TIMi platform provides you with everything you need to reach your audiences through predictive analytics technology. You’ll have access to customer data you need and be able to set up automated actions based on their real-time engagements. Image courtesy of Pixabay.
Use customer data to identify key moments in their journey and leverage things like cross-selling and loyalty tactics to connect with each customer
Predictive models allow you to make informed decisions at the right moment for the most significant impact
Manage and understand your data with customizable dashboards and reports that are automatically updated
Automate various processes, including reporting, distribution, and all other digital processes you have
The SAP Analytics Cloud combines BI, augmented and predictive analytics, and planning capabilities into one platform. It allows you to do everything from basic analytical needs to understanding and linking data across various platforms.
SAP Analytics Cloud is a powerful data tool that leverages advanced technology, including business intelligence, augmented analytics, predictive analytics, and enterprise planning. Having access to all of these different elements from one centralized platform gives you all the information you need to make informed business decisions. Image courtesy of SAP Analytics Cloud.
Gain access to end-to-end analytics solutions that have the information your teams need across the entire business
Get instant feedback through streamlined workflows that allow employees to learn about relevant patterns and trends in real-time
Machine learning algorithms allow for automatic data discovery and identification of potential opportunities
Explore and connect data across the entire business to give each team the insights they need to make data-driven decisions.
DataRobot is an AI cloud platform that provides businesses with advanced data management and reporting. It will allow you to build comprehensive data-driven models, accurately predict potential outcomes, and make informed decisions based on real-time insights.
DataRobot gives you the tools you need to really understand what is going on within your data. It will open your eyes to new trends and patterns that may be occurring and help you to determine what the best solution for the problem is. Image courtesy of DataRobot.
Data preparation tools that allow anyone in your company to access clean, accurate data
Discovery tools that automatically identify and test problems and create learning models to help better understand the problem
Integrate advanced, AI-driven forecasting models to understand future events for accurate planning better
Create decision flows that apply logic to a process to help identify and determine what the best decision is
Here’s what their customers are saying:
“DataRobot’s platform makes my work exciting, my job fun, and the results more accurate and timely – it’s almost like magic!” – DataRobot Customer Testimonial
Pricing: The DataRobot platform has customized pricing based on the needs of your business. You’ll need to speak with a DataRobot representative for detailed pricing information.
Make 2022 the Year of Predictive Analytics
Whether you choose to integrate predictive analytics into your marketing efforts through predictive product recommendations, coupon affinity, cross-channel experiences, or another avenue – you’ll see positive results.
Predictive analytics provides you with a world of opportunity, and choosing to integrate it into your marketing plan will take your efforts to the next level. Now’s the time to find the right platform and strategy to make 2022 the year of predictive analytics for your business.