Predictive Analytics: A Crystal Ball into the Future for Marketers
Predictive analytics has become an invaluable tool for providers and payers within the healthcare industry for improving patient care, managing chronic disease, improving hospital administration and supply chain efficiencies, and managing costs. Now, marketers are appreciating the value predictive analytics can bring in leveraging the explosion of data available today to improve the bottom line. It can empower them by predicting where their best leads and prospects will be, as well as the most effective ways to reach and engage them.
Marketers can use data collected from marketing automation tools such as Pardot and HubSpot, as well as intent data (data that focuses on signals that indicate a person is actively browsing, researching or comparing the types of products you sell and are most interested in what you have to offer) from across the web to maximize focus and spend. And, by employing predictive analytics, marketers can:
- Identify those leads that are most likely to result in sales – predictive intelligence can provide double-digit conversions from leads to sales by leveraging the digital footprint buyers leave as they do research, according to Mary Wallace of Marketing Land. Alison Murdock, VP Marketing at predictive intelligence tool 6sense, says that in a B2B context, it is possible to tap into the signals of decision-makers and predict with 86 percent accuracy who is going to buy, when and what they are going to buy.
- Optimize Buyer Personas – Ms. Wallace also notes that the more you know about buyers, the more you can tailor your message and communications to address their pain points. By adding what is already known about buyers through predictive analytics, the right patterns or traits can be uncovered.
- Segment Data – having more and disparate information on sales leads can allow you to view them from multiple angles/perspectives. This can generate more sophisticated segmentation that allows marketers to hone in on the right leads with the right message. The result: campaigns are more successful and resources can be focused on who in the market will buy.
- Utilize more personalized messages to attract/nurture leads – the more strategic and personalized your outreach, the more likely you can convert leads to sales.
- Focus marketing spend – predictive analytics can allow you to determine which activities to participate in and how to use content wisely to improve direct mail results. Your marketing spend will then be utilized more wisely by focusing on who in the market will buy.
- Create more targeted products and solutions – new products/solutions can be created and existing products modified to better meet the needs of your buyers by leveraging pain points and industry trends.
In healthcare, predictive analytics could very well provide the opportunity to not only predict the future but enable each of us to change it to meet our individual needs. For marketers, its importance is growing because of its ability to predict trends that can lead to a better understanding of customers, improved business performance, more strategic decision-making and predicting consumer behavior.