Predictive Analytics a Valuable Tool for B2B Marketers
If your organization isn’t utilizing predictive analytics to guide your marketing planning and decisions, and the execution of both, you may be missing out on a valuable resource that can help you meet your most critical goals. Taking advantage of this effective tool, and the data it can provide, is a step that is allowing many savvy business-to-business marketers to better make their initial plans, and then adjust those plans accordingly as the metrics dictate.
As the name implies, predictive analytics involves using detailed data to identify trends and customer behavior patterns, which can then help you determine the best ways to motivate a lead to take a desired action.
The good news is, this data is now provided by many of the popular marketing analytics programs, making it readily accessible to those who use these programs. Many B2B marketers have access to this information, and just need to know how to use it effectively.
Most marketers know that there is an incredible amount of detailed data at their fingertips, providing them with a wealth of insight about the preferences, behaviors and motivations of their customers and prospects. From optimizing buyer personas to tailoring personalized messages customized to individual recipients/audiences, the ways that marketers can capitalize on this information are virtually limitless.
B2B marketers who need further convincing about the value of predictive analytics might find the results of a recent report to be eye-opening.
Forrester Consulting recently released a paper entitled, “How Predictive Marketing Analytics Boosts B2B Business Performance.” Commissioned by EverString, the paper aimed to test whether predictive marketing analytics enable B2B marketers to be “significantly more effective in identifying and engaging buyers in specific accounts and across the buyer’s lifetime.”
To test that theory, the researchers compiled an in-depth survey which was completed by 150 B2B marketers in the U.S.
The results of the survey seem to clearly confirm the value of predictive analytics for B2B marketers. Among the findings:
- Marketers who use predictive analytics are 2.9 times more likely to report revenue growth at rates higher than the industry average; 2.1 times more likely to occupy a commanding leadership position in the product/service markets they serve; and 1.8 times more likely to consistently exceed goals when measuring the value their marketing organizations contribute to the business.
- 49% of respondents said their firms currently use predictive analytics, and an additional 40% plan to implement it in the next 12 months.
- The results show that modeling and predicting specific outcomes helps Predictive Marketers execute account-based marketing (ABM) strategies, enabling them to drive more buyer engagement and, ultimately, increase revenue opportunities from target accounts.
Clearly, the evidence shows that the use of predictive analytics strongly correlates with better business performance and the ability to meet or exceed high-priority goals. While many marketers admit to struggling with trying to track and manage the volume of data available to them, it is obvious that the ability to leverage this data is critical. This is why it is worthwhile for B2B marketers to invest in programs and tools that help them take advantage of predictive analytics and effectively implement strategies based on the data provided by these tools.