To predict future customer behavior patterns and marketing trends, B2B marketers should opt for predictive analytics.
Customer experience has taken center stage for growth in today’s digital realm. As per industry experts, customers are more likely to leave a brand even after a single poor interaction. In this age of fierce competition, brands cannot afford to deliver a customer experience that can hurt or prevent them from building meaningful business relationships. One way to effectively tackle this situation is by incorporating predictive analytics in B2B marketing.
While it is not a new trend, it is getting more mainstream attention lately due to developments in analytics technology. This will now enable brands to access more data than ever before. Additionally, with predictive analytics, brands can better predict future behavior and use technology to create automated responses that align with those predictive models.
Here are a few ways that brands can leverage predictive analytics to bolster their B2B marketing strategy:
Develop Better Customer Personas
Identifying who is really the target audience these days is the first step for B2B brands to successfully concentrate their marketing efforts. Instead of opting for a ‘one size fits all” methodology, brands should start opting for predictive analytics that can help uncover insights that they could not recognize during initial persona research. Additionally, with predictive analytics, brands have the ability to craft buyer personas for their business. It enables them to add and mold them over time as data gives them more detail.
Have Distributed Targeted Content
Knowing which types of content best resonate with the audience as well as which digital channels they are using on a frequent basis can help brands to inform their future content marketing decisions. With predictive analytics, brands can customize their content creation and distribution strategies which can help them to deliver more personalized experiences for leads. This will enable brands to increase the probability of moving them down the sales funnel and converting them into customers.
Decrease the Customer Churn Rate
A higher churn rate can be increasingly detrimental to the growth of the organization. Therefore, brands should implement predictive analytics to identify the red flags that emerge during the customer journey before they are in a position to lose their customers. Additionally, brands can use predictive analytics to recognize potential issues that can empower them to proactively address the problems of their customers before they lose them.
Also Read: Top Metrics to Measure Programmatic Advertising Results
Upselling and Cross-selling to present customers
Brands can also utilize data to gather on the purchasing behavior of their customers. They can use predictive analytics to identify patterns in their behaviors so that they can market to their present customers more effectively. Moreover, this will enable them to cross-sell or upsell to them to increase their profits.
Focused Expenditure
The surge in the investment and advancements in the martech technologies have increased the expectations of the board members from the marketing department. More and more people on the board want their CMOs and marketing leaders to justify the marketing spend. With predictive analytics, B2B marketers can identify where their customers reside and how they can focus their marketing spending. Additionally, organizations that utilize predictive analytics to concentrate on spending can bring more qualified leaders for less overall expenditure since it enables them to remove a substantial amount of guesswork.
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