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How Customer Behavior Prediction Can Help to Generate More Leads
The biggest mistake your business can make is assuming that all leads are similar. With time, you discover that some leads convert easily while others take time. That’s why lead generation is one of the most challenging tasks for marketers.
To generate high-quality leads, you need to understand how your audience will react to an offer or promotional content.
Predictive analysis can help you do this. It enables you to use consumer data to understand the buying patterns of your target consumers and plan your future marketing tactics.
Digital marketing has placed a huge amount of consumer data in the hands of marketers. The predictive analytics market is globally set to grow at a compound annual growth rate (CAGR) of 22.1% by 2024.
Leveraging predictive analysis can help you anticipate consumer behavior and identify the best opportunities to reach and engage them. You can use these customer insights to enhance your marketing initiatives at every stage of the sales funnel.
This will help you generate and nurture more leads, get a higher ROI, and, ultimately, achieve success fast.
How Customer Behavior Prediction Can Help You Generate Leads
With predictive analytics, marketers can identify opportunities to influence the buying decisions of their target consumers with greater accuracy. This helps them to pass on high-quality leads to their sales teams.
Let’s take a look at how customer behavior prediction can help you improve the quality of leads you generate. It can help you:
1. Segment Your Target Audience
Customer behavior prediction can help you segment your target market into subgroups based on their demographics, attitudes, behaviors, or geographics.
After segmentation, you can customize your marketing efforts to cater to the needs and preferences of each of these segments. This will help you position your product or service in a way that it appeals to the consumers in each group.
Predictive analytics can also help you identify the most profitable consumer segments based on their behaviors and past purchases. Once you know who your high-paying customers are, you can allocate more resources and time to reach and engage your most profitable segments.
2. Generate Accurate Buyer Personas
Creating buyer personas help brands and marketers understand the needs of their consumer segments. However, most marketers create buyer personas using generalizations and assumptions.
With predictive analytics, you can get access to quantitative and qualitative consumer data. Then, this data can help you create genuine buyer personas with greater accuracy.
For example, you may define your ideal buyers by their demographics such as 40-50 year old males, married, living in Boston, earning $100,000+ a year.
However, this cannot be your only foundation for running a campaign. You need to go beyond this to identify who your ideal customers are.
You also need to understand their psychographics. What appeals to them? What are their sentiments towards your brand? These characteristics drive customer loyalty.
With customer behavior prediction, you can identify what actions consumers take when they engage with your brand. You can then target your campaigns based on activities like:
Tracking these activities allows you to identify specific buyer personas and craft highly-targeted messages to increase engagement. You can send these messages through targeted email campaigns using automation tools like ReachMail.
It automatically sends a message after a customer performs designated actions. It also collects and filters customer data by tagging clicks and opens on messages. When a consumer interacts with your message, they get tagged for future communications.
According to a B2B Content Marketing Research report, targeted email campaigns based on buyer personas can successfully engage your subscribers and nurture leads.
Image Source: Content Marketing Institute
3. Forecast Consumer Demands and Sales
With customer behavior prediction, you can forecast how your consumer segments behave. What are their specific needs and interests? Which promotional offers can help you convert them?
You can develop strategies based on consumer demands. If you’re able to meet their demands, there are higher chances that they’ll buy from you. This can help you generate more leads and thereby, drive more sales and revenue.
For example, some consumers segments might prefer to use social media as a communication channel while others may prefer to connect over emails.
Identifying their communication habits and purchase patterns can help you reach and engage them the right way through the right channels.
Also, some consumers might be interested in your products but may not be able to afford them. Others may comfortably pay a premium price for leisure purposes.
When you target these two sections of consumers, you need to craft messages that are exclusively catered to meet their unique demands and expectations. It is important to send appropriate offers and recommendations to consumers if you want them to purchase.
4. Determine the Right Types of Content
Predicting customer behavior can help you determine the types of content you should leverage to engage your target audience. To do this, you should analyze consumer data relevant to your industry.
Which type of content gets maximum engagement, views, and shares? Which channels do your target consumers visit most frequently? What’s the best time to reach them?
With predictive analytics, you can get access to all of these insights. You can use Cortex’s creative strategy to uncover high-impact industry trends and identify the best ways to execute them. It provides you with insights about the visual themes, colors, compositions, and accompanying messaging that will resonate with your audience.
The best part is that there are no assumptions. All of the suggestions are based on real data about the content styles that are currently performing well.
Once you have these insights, you can customize your content creation and distribution processes to meet these consumer demands. This will help you deliver the content they can resonate with, on the channels they’re more active on, and at the right times.
Doing so can help you better connect with your audience and outperform your competitors. It will also increase your chances to generate qualified leads and drive more conversions.
After all, the more you understand your target consumers, the better messaging you can use to boost engagement.
Customer behavior prediction reduces the risks associated with poor decision-making. You can make decisions using real-time consumer data and not assumptions. All of this affects customer satisfaction, which, in turn, impacts customer loyalty and retention.
Consumers who receive great experiences are likely to recommend your brand to their friends and family. Using customer behavior prediction can help you improve the effectiveness of your marketing campaigns and boost lead generation.
Have you used customer behavior prediction before? In what other ways did it help you gain qualified leads?
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