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Close More Deals Using Predictive Analytics
SMBs everywhere are beginning to implement more advanced digital marketing strategies, and Predictive Analytics is just one tool that can help you perfect your marketing efforts.
Businesses collect so much data these days that Predictive Analytics should be the obvious next step. However, most businesses are not taking advantage of the predictive powers. Predictive Analytics often come with a large price tag, and most organizations do not really understand what to do with the collected data. Fortunately, there is a feature for that. All GreenRope users have full access to our Predictive Analytics module allowing any team member to gain insight into which leads in the pipeline are most likely to convert.
Even if you aren’t a GreenRope user, here are just a few reasons you should implement Predictive Analytics, and how you, too, can start implementing it into your overall strategy.
So, what is predictive anylytics (PA)
Predictive Analytics, or PA, as I am going to refer to it, is the sum of all historical, social, transactional, behavioral, and other data that make predictions about future conversions. Sounds complicated, right? Well, fear not, it really isn’t. Predictive Analytics correlate activities and behaviors of passed converters and apply them to those currently in your funnel. It is kind of like a crystal ball for your business, except a lot more detailed, and a lot less mystical. The data you get from PA is black and white—it gives you reliable information not only about your leads but also your marketing efforts.
As sales and marketing professionals, we are constantly trying to discover trends between the actions that people take and whether they purchase or not. Predictive Analytics makes this easy for you. It automatically correlates these actions, so that as a salesperson, you can nurture those most likely to convert, and as a marketer, determine which strategies are most effective.
For example, let’s say you just closed a big deal. What was the journey your customer took from the time they first engaged with your brand to the moment they swiped their credit card? Did they attend a webinar, meet with you, and download an eBook about your services or industry? If so, chances are that a person in your pipeline taking the same actions has the propensity to convert as well.
At GreenRope, we use our own Predictive Analytics model to determine which leads are ready, and which leads need more nurturing. This has resulted in a more robust pipeline, a better customer experience for our leads, and most importantly, a higher close rate.
Use PA to:
What does this mean for your business?
Well, PA takes the guesswork out of the process. You no longer need to analyze data piece-by-piece, technology can tell you when a purchase decision is in the near future. Forget Confucius, technology is far more accurate than the fortune cookie you had at lunch.
Note, that you do NEED technology, and in particular a CRM and marketing automation platform (preferably with built-in PA) to collect and house all of the necessary data. There is really no other way to harness big data without a Complete CRM. A CRM holds all of the data needed for your PA model, so don’t leave home (run a business) without one.
Predictive Analytics scrub the Internet, including CRM data, looking for any and all engagements, demographics, activities, and behaviors to predict a future sale. This gives any organization the power to push the low hanging fruit to convert, and keep the leads that aren’t exactly ready to purchase in the nurturing phase for a while longer.
Predictive Analytics = Higher Conversion Rates = Revenue Growth
If you haven’t started implementing PA into your overall strategy, do not fret. This trend is still young, but if you want to stay ahead of the game, we suggest jumping on the PA bandwagon now.
If you are just starting out, do not be fooled into thinking you need a ton of data to start the process. As you continue to collect more data about your customers/leads, your PA model will have more to work with, which will fine tune your results.
Why not start with a meeting of the minds. Get your sales and marketing team together to discuss some commonalities between the demographics and behaviors between those who have purchased and those currently in the pipeline. Once you find some common denominators, you can then start to build your PA model.
If you are a GreenRope user, read our Predictive Analytics How-to.
If you are not a GreenRope user, but interested in using PA for your business, contact us!