Entice prospects, keep customers engaged, and justify accomplishments—these are three phrases that Forrester Research uses to describe how predictive analytics impact marketing professionals.
In their most recent report about predictive marketing, New Technologies Emerge To Help Unearth Buyer Insight From Mountains of B2B Data, Forrester Research explores the emerging B2B analytics market to help marketers get the most out of a rapidly changing vendor landscape that will continue to evolve in the near term.
Business Decision-Makers are Investing In Predictive Analytics
Business decision-makers are loving big data and predictive analytics. How could they not? The ability to forecast business outcomes more consistently or accurately decreases the chances that actions will have poor results—making their jobs a heck of a lot easier.
Predictive marketing analytics can help B2B marketers determine:
- How to execute cross-channel campaigns most effectively
- Where to spend budget
- When to engage your buyers
Marketing is finally beginning to see the value of big data. Forrester found that 51% of marketing teams are currently using big data or planning to use it to inform their marketing strategy.
B2B Marketers Need To Catch Up To The Market And Vendors
Despite growing enthusiasm for predictive marketing, technological advancements are outpacing the market’s ability to put the full power of predictive analytics into play. While B2B marketers are experimenting with analytics, Forrester Research found that they have yet to achieve major breakthrough advantages because:
- Marketers are busy reporting out on the ROI of their investment in their valuable, but resource heavy marketing automation software. This is taking priority over predicting where to go next.
- Marketers are too focused on using predictive for top-of-funnel initiatives. The real value of predictive marketing occurs when marketers apply it across the entire customer life cycle.
- A lot of marketers are setting up big data collection and storage, but are unfamiliar with how to use this data to advance marketing strategy, and do not have a platform to analyze this data for them.
Use Marketing Process Maturity to Guide Your Entry Into This Space
In order for marketers to achieve the breakthrough advances in data analytics and predictive marketing, they need to invest in new technologies. According to Forrester Research, vendor offerings fall into three categories:
These solutions collect, append, and organize business data to better inform business decisions. Data aggregation is ideal for organizations entering into a new market, cleaning up internal data, or supplementing gaps in their customer data architecture.
This group focuses on appending and enriching data used for sales and marketing activity, rather than applying general company information in areas like finance, service, or support. This group can help you create deeper insight into buyer needs and background, personalize messages, or interact with individual buyers in a way that is more relevant to them.
This group collects thousands of potential buying signals and applies advanced mathematical algorithms to find patterns and match those patterns to the accounts that fit your best account criteria. These solutions best support marketing automation experts looking to close gaps in their demand management capability and extend it across their entire buyer life cycle.
In order to select the right solution for your organization, you must weigh your relative B2B marketing automation sophistication processes against the right level of big data capability your organization is ready to absorb.
Are you ready to put the full power of predictive analytics into play? The time for waiting is over. This report describes the different areas of this emerging market to help B2B marketers get the most out of a rapidly changing vendor landscape.