According to Motley Fool investment consultancy firm, 85% customer interactions will not necessitate any human intervention by 2018. Artificial intelligence holds an untapped potential for Marketing departments and changes customer relationships in depth. Predictive Marketing could help you unlock the untapped potential in your business. Here’s how:
1. Intelligent 360° customer view
Everything we do impacts on our customers' buying behaviour. Marketing, sales promotion, pricing, competitor activity and service can all result in more sales or lost sales.
Organisations that have developed a single customer view are able to develop customer segmentation based on customer value, understand exactly how much marketing activity to carry out to which customers and which of their most valuable customers are at risk of leaving.
Pulling the data together into a single view and then drawing conclusions from it has been the preserve of companies with large departments of analysts and sophisticated technology. This is no longer the case!
Predictive marketing solutions can take all your companies data and quickly develop an accurate predictable single view allowing you to develop the sales and marketing strategies that will drive substantial improvements in business performance.
2. Explore data and reveal the maturity of each customer
The world of data is moving very quickly. Every new online tool, app or social network has the potential to contain valuable data on your customers that could help predict the value they are to you.
Linking your sales reports, marketing campaigns, customer database and your customer’s social media activity might sound fanciful but is now yours.
Predictive marketing solutions will pull together all of the relevant data sources in your organisation and make it easily accessible through our unique interface. This means with all your data at your fingertips you can concentrate on using the information to drive sales rather than getting lost in excel.
3. Prospect accounts with the best business print
A company’s database of customers and leads is likely to be vastly bigger than their sales team can realistically deal with on a day to day basis. So naturally, the sales team will have to prioritise which leads they feel offer the best chance of a sale. This clearly is not the most scientific of approaches and chances are sales and value will be lost as leads that could convert are not contacted at the right time.
Predictive analysis platforms assimilate multiple data sources internal and external and through state of the art machine learning can score leads according to their value and likelihood to convert. It then goes further by identifying the key strategies that will unlock the value in that lead.
4. Be proactive on every sales opportunity
Companies with lots of customers and lots of products face a familiar problem. How do you know which products to target at which customer? You could leave it to the customer to ask for what they need, when the time is right, but the chances are your competitors will target them with a nice offer before you get a chance and then guess who just got a new customer!
It also makes sales planning difficult, do you build your plans based on what you would like to sell and then have your sales and marketing teams explain to you why they can’t deliver or do you build it from what your sales team say they can deliver and then explain to the CEO why the business isn’t growing as fast as it should.
The answer, of course, is neither. Predictive marketing solutions take all your data feeds and product information then produce optimum predictive upsell and retention strategies that maximise sales, value and sales resources.
5. Prevent revenue loss
You worked hard to bring in new business from your rivals and your best customers are constantly under attack from your competitors. Understanding those customers, their value to you and if they are likely to leave you would be very useful, right. Imagine then if you could also predict when this could happen and what kind of strategies would prevent them leaving you.
Artificial intelligence can take all your company’s data and through machine learning quickly identify those pieces of data that matter to you. It will then help you build sales and marketing strategies to retain the customers. The best bit is because it is predictive you will know what the result will be in advance.
By Glen Westlake, CEO and co-founder of BrightTarget
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