Predictive analytics: go beyond your customers' expectations
29
September
From scoring to predictive analysis, follow the path to high-performance customer marketing Predictive marketing is the key to individualized customer relationships.
Introduction: optimize the results of your marketing operations with predictive marketing
The objective of predictive marketing is not absolute certainty in forecasting but to do better than an empirical approach. The principle is simple: for example, choosing customers with a high probability of buying a product allows to have a much higher purchase rate than if we had offered it to a target based on a segmentation defined by the marketer. It also allows to reduce the costs of solicitation because only a part of the customers will be exposed, but also to avoid the annoyance of the customers solicited for products that do not interest them. The generalized use of this information will make it possible to work on the proximity with each customer by proposing products and/or contents which correspond to him.
No predictive marketing without scoring
Scoring is the act of assigning a note (a "score") to a customer or prospect, based on various criteria, whether quantitative or qualitative. This score will then be used to enrich the person's profile and will serve as a filter to optimize the targeting of marketing operations.
What is a predictive score?
A score is the probability that a phenomenon will occur. It is used to predict future behavior.
For example:
- What is the probability that this customer will purchase this product in the next 2 weeks?
- What is the probability that this customer will respond to this email?
For what benefits?
- Better targeting by obtaining better return rates, you increase your ROI.
- Optimization of the use of promotions by offering discounts only to promophile customers, you improve your margin.
- Detection of new opportunities: data analysis allows you to build and enrich profiles and thus detect appetite for products other than those already purchased and ultimately increase your sales.
- A more sustainable customer relationshipBy assigning scores to each customer according to their appetites, brands can set a threshold of relevance for a communication to be addressed or not. Customers feel recognized and are more loyal to the brand. The "lifespan"of your customers is extended!
The limits of scoring
The mistake, too often seen when working with predictive tools, is to recompose a notion of segment to summarize a trend whose projection at the individual level is often false. We need to go further and accept that each client has its own history, desires and probable futures.
Modeling and industrializing scores using self-learning algorithms
Predictive marketing is based on a precise analysis at a given moment according to the data collected over a given period of time. A score will therefore be relevant at a given moment.The more data we have, the better the quality of the predictions will be. It is therefore in the best interest of brands to collect data from different sources.But with digital, the data available in real time is more and more numerous and a model established on one set of dataone day may be obsolete the next.A Data Scientist, no matter how talented he/she is, can only deal with a few predictive models and especially is not able to update them daily. However, brands need more and more models that will allow them to meet or even anticipate all their customers' expectations.The challenge is no longer to have only a few forecasting scores but to multiply them and automate their update.
But how do you? Only a platform offering a self-learning and industrial approach can answer to this challenge.
Predictive marketing paves the way for Individuation® and a truly 1:1 customer relationship
To go as far in enriching and exploiting this customer knowledge and to make the most of all the information the best out of all the information collected, the use of Artificial Intelligence is THE solution.
Indeed, thanks to Machine Learning and the implementation of self-learning algorithms, all the data and thousands of interactions generated by customers are sifted and scrutinized every day to know each of them with unparalleled accuracy and anticipate their future needs as accurately as possible. thousands of interactions generated by customers are analyzed and sifted through every day to know each of them with unparalleled precision and anticipate their future needs as accurately as possible.
Until now, no platform has been able to create and exploit all this value from a database. With its Individuation® Marketing platform, Splio offers you to optimize the value of each of your contacts and to adapt your relationship on a case by case basis.
The Individuation® will feed on all this knowledge to improve the performance of your targeting and trigger effective communications because they are individuated.
Because each customer evolves at a different pace in their lifecycle, it is essential to have relevant indicators in order to communicate with them the right content, at the right time for them and on the most appropriate channel.
Without predictive analytics, it would be almost impossible to formulate the very idea of relational proximity. Collaboration withalgorithmsis one of the keys to individuated customer marketing.
To learn more about Individuation® Marketing, contact us!
