As marketers, our target audience is made up of cyborgs — “screen-staring, button-clicking new version of Homo sapiens.” At least that’s what anthropologist Amber Case says technology is changing us into. With all that screen time and information right at their fingertips, buyers have created a new buyer journey, one with more touchpoints and less time with sales reps.
So if we are not talking with our buyers as often as before, how can we ensure we are getting the right information to the right people at the right time? The answer aligns perfectly with the technical complexity of our half-human, half-machine brains: predictive analytics.
The idea of predictive analytics — the practice of evaluating existing data to predict a future outcome — is, understandably, taking over the marketing world. Only algorithms could compete with cyborgs, right?
Here, we take a dive into three new predictive analytics technologies you can harness the power of to improve your bottom line:
Understand Who is Most Likely to Become Your Customer: HubSpot’s Predictive Lead Scoring
Why you need it: You work hard to generate a significant number of leads for your business through campaigns and lead nurturing. But not every one of those leads is qualified to buy from your organization. To determine which leads are truly good prospects and which are not, you need to determine the properties that most impact your lead scoring and how they should be weighted. It can be nearly impossible to get this right.
How it works: HubSpot’s Predictive Lead Scoring doesn’t just take into account the information your leads have provided on your website, it also includes behavioral data that may influence a lead’s decision to buy, such as the number of form submissions or page views. Instead of guessing what factors may influence a lead’s conversion and how much they are worth, HubSpot will predict them for you. This means marketing can focus on generating the highest quality of leads while sales reps can focus on whom to prioritize in the sales process.
What marketers think: Already, 90 percent of users agree that predictive lead scoring provides more value than traditional (map and point-based attribute and activity) lead scoring approaches.
Drive Revenue Faster: LinkedIn’s Fliptop Predictive Lead Scoring
Why you need it: Fliptop offers a predictive lead scoring solution for marketers using other marketing technology platforms, such as Marketo. The application helps marketing fulfill the sales team’s demand for more quality leads and management’s demand for more sales.
How it works: The Fliptop platform appends thousands of signals from its own data cloud to each contact that has converted on your site. It produces predictive models optimized for your business goals.
What marketers think:
Maximize Current Donor Revenue for Nonprofits: ExactAsk’s Answer to Accurate Ask Amount
Why you need it: Acquiring new donors is becoming increasingly expensive for nonprofits. While budgets and resources decrease and costs increase, maximizing revenue from current donors is the No. 1 goal for many fundraisers. But this isn’t always easy; if nonprofits don’t reach and interact with contributors properly, they risk donor lapses, which can hurt their cause.
One way to appropriately engage donors is to provide accurate ask amounts during fundraising campaigns. Imagine this scenario: If a nonprofit asks someone for $50, he may give $50. Or he may be able to donate $300 but only gives $50 because this is what he was asked for. On the other hand, perhaps this donor could only afford $25 so he gives nothing since the nonprofit had asked for $50. In so many ways, nonprofits are leaving money on the table by using inaccurate ask amounts in their marketing efforts, including direct mail and email.
How it works: ExactAsk sources big data about your donors from any place where existing information can be found, including:
- email marketing
- customer relationship management software, including HubSpot
- website activity (forms and surveys)
- donors’ history with your organization (how long they’ve been on file, what their lifetime contribute is, etc.)
Next, the platform sorts the information in search of trends, patterns and associations to generate a scientifically probable ask amount.
Predictive analytics eliminates confusing formulas and replaces educated guessing with factual data that can be used for more than just asking the right donation amount.
What marketers think: Research suggests that when a specific donation amount is asked, people are 50 percent more likely to contribute and often give anywhere from 20 to 30 percent more than they otherwise would have. “It is proving to be one of the best strategic decisions we’ve made,” says Val Traore, CEO, Food Bank of South Jersey, Inc. “We are discovering things about our donors that we’ve never been privy to in the 25 years we’ve been in operation.”
Merely matching your buyers to a generic “profile” is no longer enough. Your organization deserves better accuracy driven by better technology.