Are Predictive Analytics Services the New Way to Lead Generation?
Queries, machine learning algorithms, and statistical analysis techniques, etc., to generate predictions. It allocates certain numeric value to predictive scenarios indicating their likelihood of actually happening.
Here are a few major ways in which predictive analytics are becoming the new way to better lead generation.
More Accurate Lead Scoring Models:
All leads are not the same. While lead quality is one thing that matters, another aspect that matters is how easy or difficult that lead is to convert. This is why for better lead generation and closure, you need a lead scoring model in place.
Back in 2016, a report by McKinsey revealed that predictive analytics can be extremely valuable in lead scoring. It uses rich data sets, studies the historical data, analyses patterns and ascertains probability. Data analytics services, in fact, helps them recognise the right customer at the right time, and thus handle the lead accordingly.
Optimises Customer Lifetime Value:
How many times have you browsed Amazon only to find out that it already knows what you like and what you need? Recommendation engines work on predictive analytics. It studies the customer behaviour and preferences and makes recommendations thus adding to customer experience and optimises the customer lifetime value to better lead generation and retention.
Business intelligence consulting companies are, in fact, making the life of the sales easier, giving them more information about what the customers want.
Crafting Responses to Various Aspects of the Lead Generation Funnel:
Predictive analytics can let you craft holistic marketing messages and experiences that you want your target audience to take home. Predictive analytics companies, today, enable businesses to track their customers' journeys and craft experiences for every aspect of the lead generation funnel, whether it's top, middle or bottom.
It helps you use your lead scoring models better to target the audience that you want, understanding them better, and catering the experiences that they expect from you.
How to Go about It?
As far as the S-Curve of Innovation Diffusion is concerned, predictive analytics is ahead of the take off stage, crossing the chasm of death. For businesses, thus, is a good time to adopt, since early adopters are the ones who reap the best benefits of any technology.
However, if you are not ready yet, it's high time to start considering it and preparing a business case before you hire predictive analytics services.
Given the rather increased amount of investment that businesses across industries are making in inbound than outbound for sales and marketing, the conversion rates may seem to be in a dismal state. As the face of the market changes from traditional marketing to digital, the ways and means to conversion also undergo a metamorphosis. Predictive analytics services, in this situation, are providing quite an impetus to lead generation and conversion rate optimisation.
But just how is it happening? In case you are not yet familiar with the power of predictive analytics, here's a primer for you, followed by what business intelligence consulting companies can do for boosting lead generation.
What is Predictive Analytics?
Predictive analytics is that branch of analytics, which makes use of historical data and makes predictions for the future. It makes use of analytical