Everyone loves a good urban legend. Whether you are desperately hunting for Big Foot or trying to prove that Leo could have actually fit on Kate Winslet’s wooden door water float in the movie Titanic, myths are made to be debunked! (I always knew that Rose was selfishly taking up that entire door!!).
And, let’s be honest, to the untrained marketer, the name “predictive marketing” can certainly surface numerous such myths. I mean, with a name like “predictive marketing”, who wouldn’t assume that you are basically looking into the crystal ball of marketing.
Not only does the software category have the word “predictive” in it, but the fact that predictive marketing is also used in conjunction with “data science” makes the category even more susceptible to myths and misconceptions. But fear not, we are here to dispel and debunk these myths and uncover the truth behind predictive marketing.
For the full breakdown of myths and truths, be sure to download our brand new ebook, Predictive Marketing Myth Busters: 5 Common Predictive Marketing Myths.
But, for the purposes of this blog post, we are only going to debunk one myth. And for the rest of our myth busting, you will have to check out the latest ebook.
Myth: Predictive Marketing is Magic
Ok, so this is the mother of all predictive marketing myths. This myth states that with predictive marketing, you can have a one-call-close-deal. It’s magic! Imagine if that were true.
Truth: Predictive Marketing Provides Deep Insight that Helps You Predict Your Next-Best Customer
So let’s come right out with it—predictive marketing is not a crystal ball. You can’t simply press a button and receive a huge list of one-call-close accounts. That just isn’t realistic. And, if any vendor tells you that the accounts they provide you are magic accounts that close before you even pick up the phone, well, you should run away…far away.
Predictive marketing provides forecasting and predictions about prospective accounts within an acceptable level of reliability. What does that mean? It means that the data provides insights and predicts probabilities. However, you still need to build relationships with your predictive accounts so you can build trust and visibility. Once you receive predictive accounts you have to nurture them.
But, what does change? Utilizing the insights and accounts provided by predictive marketing enables you to accelerate deal velocity—because they are already a good fit for your business and you have insight into what makes each account tick, you can close deals faster. Plus, because you are optimizing your time by focusing on only the accounts that have a high probability of closing, you are increasing efficiency! And that, my friends, is true business value.
Want to know what the other myths are? Download our brand new ebook to learn more.