Predictive analytics is not a new concept. As marketers, we already use data to make bold predictions about whom we sell to and what we say. We already predict and direct our sales teams where to go to close deals. What IS different today, is the ability to drive better decisions based on an increasingly large and predictive set of data.
In both our personal and professional lives, we each leave a digital footprint that outlines our online interactions, transactions and even many of our observations. Marketers who collect and use this data to predict a future state and set strategic direction are differentiating themselves and taking over markets. Data is a difference maker.
“Predictive Analytics –the practice of extracting information from existing data sets in order to determine patterns and predict future outcomes and trends. Predictive analytics does not tell you what will happen in the future, rather, it forecasts what might happen in the future with an acceptable level of reliability.” -webopedia
Predictive Analytics for Marketing & Sales
Over the past eight years, marketing automation has matured into a standard component of most marketing strategies. More recently, predictive analytics has emerged as an important capability enhancement for the marketer, as it helps us increase conversion (impact in the funnel) and build pipeline (impact outside the funnel). Some of the more advanced marketing teams are already using predictive solutions to realize efficiencies in the sales process and to drive more leads into the funnel.