The world is changing and so too is the marketing landscape – rapidly.
With all of the new technologies that are available to consumers and businesses, we need to keep up with the ever-changing technological world, marketers included.
Having worked in marketing for several years, I’ve witnessed these changes first hand. I’ve also seen the impact they can have on today’s marketing campaigns too. Like it or not, marketing departments need to change. And marketers need to not just be aware of today’s new technologies, but adapt to them and implement them within their strategies.
From adopting digital marketing and customer and engagement and retention strategies, to managing the end-to-end customer lifecycle, these actions can’t happen without the use of data and technology.
But they can, if they’re fueled by predictive marketing. Right now, predictive marketing is single-handedly revolutionising marketing as we know it. Here are three reasons why it should be in your marketing strategies next year:
REASON #1: Lead generation (better quality and higher volume)
The customer-buying journey is changing, with more-and-more consumers doing their research online these days. According to Adweek, 81% of shoppers conduct online research before buying.
If you want to be in with a chance of capturing this new breed of customer, then you need to adapt your approach and tap into consumers’ changing behaviours which, in turn, will enable you to become much smarter with your marketing.
Cue – predictive marketing, which can provide you with the insight you need to deliver your messages to the right people, at the right time, in the right way and using the right channels.
Predictive marketing can transform the quality of leads that are being produced by marketing. In turn, the relationship between sales and marketing will strengthen as marketing generates higher quality leads, as well as rich insight around those leads. As a result, conversion rates are boosted, more deals are closed and there’s greater marketing ROI – it’s win-win all round, I’d say.
REASON #2: New data privacy law compliance
The data privacy laws are changing next year. From May 2018, a new set of data privacy laws will be implemented that, among many things, will help put an end to mass marketing which (believe it or not) is a tactic that’s still widely used these days.
This means that come May, organisations will need to keep their customer data safe, clean and up-to-date as part of GDPR. They’ll also need to be able to prove that they’re complying with the regulations and asking people to opt in to their communications, rather than opt out of them.
There’s been a lot of hearsay about the exact ins and outs of what these new rules will exactly bring, but it’s anticipated they’ll be much more emphasis on communicating with customers and prospects with relevant and personalised content in a timely manner. This means they’ll be no more spamming.
Predictive marketing is capable of capturing consumer behaviour and identifying prospects who are giving off signals that they’re interested in the product/and or service that you’re offering. Some platforms, like our pioneering platform Nexus, can even inform you about the type of online content they’re consuming and how they’re consuming it.
The beauty of this for marketers, is that it makes it much easier for them to adopt an Account Based Marketing (ABM) approach and target customers, who are more likely to buy from them, with laser precision with less effort and less cost. It’s much easier for them to demonstrate compliance too. What’s not to like about that?
REASON #3: Greater customer experience and retention
Customer churn is a common marketing challenge, but it’s a challenge that can be kicked into touch, if you’ve got predictive marketing by your side.
Thanks to predictive marketing, you can unify and augment customer data. You can also create a rich picture around your prospects, as well as receive information and insight on your customer base.
And when you’re armed with this type of insight, then you’re in a much stronger position to strengthen your customer experience and reduce your customer churn rate. For instance, you can see if your existing customers are consuming your competitors’ content and, if they are, then you can react proactively about it, rather than reactively or not at all…
Tapping into the power of predictive marketing means you can also easily stay up to speed with the latest market and industry trends, so you can make sure your campaigns are aligned with your customers’ needs. And in doing so, you’ll enhance your customer experience and generate even more opportunities to upsell, exceed expectations and boost your customer retention. Tick, tick and tick!
If you’re umming and ahhing about predictive marketing, you shouldn’t be. As I said at the start of this post, it’s the future of marketing. A future where marketing departments are changing with their consumers, adopting an ABM approach and implementing predictive marketing into their technology stacks. A future that’s predictive and where marketing is no longer a back-office function, but up there right out front, working in synergy with sales to generate sustained, high quality leads.
You could continue to do things how you’ve always done them, however you run the risk of your marketing becoming less relevant plus, falling foul of the new GDPR rules that will come into force before we know it. Which camp will you fall into?
It’s not too late, there’s still time for you to review your tactics for next year and make sure that everything you do generates the best possible return on your marketing investment.
Start your B2B Marketing and Sales Transformation journey with this simple framework made up of 6 practical, easy to follow steps. Each step should provide a clear route of implementation to help you stay ahead of your competition!
For more information or to discuss how we can help you incorporate predictive marketing into your marketing strategies next year, contact us on firstname.lastname@example.org or 01295 724120.