New to predictive analytics? Then you'll need a guide. This guide gives you the do's and don'ts of predictive analytics so that you don't forget what it's all about. It isn't about getting more and more data or generating more and more campaigns. It is about generating more leads and conversions. Here are the laws you need to keep in mind to make your predictive analytics successful.
1. Thou Shalt Abandon Demographics in Preference of Firmographics
Demographics is grits and gravy for the B2C marketer, but for the B2B folks, it doesn't do much good at all. What you need to be using in your analysis is firmographics, and to an extent, psychographics. Age, sex, race, and the like have little to no bearing on whether a business buyer makes a purchase or not. Their business' annual revenue, length of time in business, industry and verticals do matter.
2. Thou Shalt Develop Content for Every Phase of the Customer Cycle
Predictive analytics can help you identify the content that generates the most positive response from your ideal customer. With this modeling, you can determine whether those in the research phase prefer easy-to-digest infographics or in-depth e-books. Do new customers want how-to tutorials on YouTube, or do they prefer a thorough explanation of the various uses of your product on SlideShare? Use analytics to determine the best content for each phase of the customer cycle, from leads through loyal customers.
3. Thou Shalt Engage in Microtargeting
TechTarget defines microtargeting as, "a marketing strategy that uses consumer data and demographics to identify the interests of specific individuals or very small groups of like-minded individuals and influence their thoughts or actions." According to TechTarget, the goal is to know your target customer so well that messages are delivered through the channel they most prefer.
4. Thou Shalt Not Neglect Hypersegmentation
Hypersegmentation is using the data to identify with and communicate with your customers on a granular level. Predictive analytics gives you the power to use microtargeting and hypersegmentation in conjunction, so that you're reaching the right people at the right times in the right places all the time. This can revolutionize your B2B marketing strategy.
Predictive analytics is a powerful tool, and once you get on the right path with it, you can generate leads more easily, extend your customer lifecycle, and even up the revenue generated by each of your customers.
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