The Latest Analytics Tools Can Help You Get the Most Out of Your Website
Big data analytics can be used by businesses of all sizes to improve customer experience, drive efficiency and ultimately enhance profitability.
The area of big data, machine learning and predictive analytics has taken up plenty of column inches in the business press over the past year or two. However, there is a perception that this is something that is reserved for those multinational corporate giants with seven figure research budgets. This couldn’t be further from the truth.
Today, the tools for delivering big data insights are within the reach of any organisation, large or small. Here, we take a look at some of the tangible benefits they can bring.
Lead scoring and analysis
Businesses can spend an inordinate amount of time cultivating leads, many of which ultimately go nowhere. Predictive analytics can identify how different leads respond to different types of marketing, allowing you to direct your attention to those that are most likely to yield results.
There will be some leads that respond better to one type of marketing approach than another, and this type of segmentation means you can send more personalised marketing messages tailored to the preferences of specific leads.
There are various types of customer modelling tools that you can use, but one of the most intriguing that arises directly from predictive analytics is propensity modelling. This uses the available data to make predictions as to how customers will behave in future, using a combination of machine learning and mathematical tools such as regression analysis.
The information it predicts might concern probability of converting from a looker to a buyer or the lifetime value of a customer. It can also help determine your ongoing marketing strategy by assessing the likelihood of the customer either remaining loyal or going elsewhere, depending on the frequency and nature of your communications and marketing messages.
Making new connections
Predictive analytics can make connections between products and markets that might not otherwise have been noticed. By using information on referral sources, buyer behaviours, traffic sources, keywords and all the other factors that are feeding into the system, shared attributes can be teased out.
These can then point you towards new markets or demographics that have those same attributes but that you had never thought to target.
The insights delivered by predictive analytics can also help you to develop more targeted web content, and to channel it towards specific segments, in accordance with your customer models.
The analytics is only as good as the data
Predictive analytics can help make your digital marketing strategy far more slick and efficient, while delivering valuable insights that will ultimately be a direct boost to your bottom line.
However, it is important to remember that any such system is only as good as the data it is using. It is important to start simple in order to build up a predictive analytics system that is as robust and accurate as possible.
Also keep in mind that the human factor will always be needed to deliver the best insights and ideas – when the power of predictive analytics is combined with our ability to think imaginatively “outside the box,” you can end up with a world-beating combination.