According to its publisher, Ömer Artun and Dominique Levin’s Predictive Marketing represents a “practical guide to predictive analytics”. Recently, Hubspot’s Blog submitted a comprehensive extract from the book.
The question as to which consumers will be the next to make a purchase can best be answered by a probability prediction based on Big Data Analytics. Ömer Artun and Dominique Levin, authors of the book “Predictive Marketing: Easy Ways Every Marketer Can Use Customer Analytics and Big Data“, show that predictive analytics pays off.Take their example of an online pharmacy for animals: By determining his promotion activities on the basis of customer value, the online supplier succeeded in raising his sales by 40 percent compared to the previous year. The response rate doubled without having to increase his marketing budget.
The challenge: Prediction in the B2B area
Especially interesting are those shoppers that don’t belong to a company’s customer base, but can be sustainably bound to the company by way of targeted sales actions. However, it takes an experienced data scientist to set up such a project. And according to the authors of “Predictive Marketing”, it is even more difficult in the B2B area, because the purchasing decision processes are so much more protracted and complex.
Using predictive analytics to find the best new customers
We have been notably successful in this area with our Target Group Predict solution: Information about all German companies with a web presence is systematically evaluated via text mining, resulting in a scoring system that allocates a value to every company. This allows the marketing budget to be aligned in such a way that sales organisations can concentrate their efforts on the best contacts.