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Marketers are commonly tasked with making educated guesses covering an array of topics, such as buyer’s journey, which accounts are worth targeting, what content will resonate best with their customers, and so forth. While these guesses help drive business decisions and are used to create marketing campaigns, they are not the best tactic for accelerating your business.
To maintain a true competitive edge by making smarter, more informed decisions, marketers must stay on top of new technologies and trends such as predictive analytics. Let’s take a closer look to see what it’s all about and hear from MarinOne expert Joe Southin on how it can help you improve your business and increase your company’s bottom line.
Understanding predictive analytics
Predictive analytics is the use of machine learning, artificial intelligence (AI), data mining, predictive modeling, and other statistical techniques to forecast behavior, trends, and activities by analyzing past and present data. Using these analytics, you can strengthen your marketing efforts, enabling you to respond to developments more strategically. Predictive analytics can be used for predicting:
- Which factors impact customer preferences and their buying decisions
- Customer behaviors and their purchasing journey
- Bidding
- Marketing strategies and forecasting sales
5 ways predictive analytics can optimize your marketing budget
According to Gartner, marketing budgets are steadily climbing across all industries in 2022, increasing from 6.4% to 9.5%. That’s why using predictive analytics is more important than before.
Predictive analytics can be immensely useful. Here’s how:
1. Analyze data to predict how your strategy will perform over the next few days and the immediate future
For enhanced marketing performance, applying predictive analytics is crucial. With accurate data, you can implement a marketing strategy that will generate the impact you need to be successful. When you use predictive analytics to guide your strategy, you'll be more prepared to make informed business decisions and deliver campaigns that drive the results you’re seeking with minimal risk.
“Here at MarinOne we predict with confidence how an individual object is going to perform, not just tomorrow, but for the next few days,” says Joe Southin.
2. Use forecasts to manage, adjust, and optimize budget allocations
Predictive data helps you determine where to focus ad spend. It identifies the advertising channels and times that warrant increased spending and resources, and it provides useful insights so you know when to reduce investments. Use your forecasts to pinpoint where adjustments need to be made and how you can allocate your budget more efficiently.
According to Joe, “Forecasting gives you the opportunity to accurately project sales, revenue, and expenses. When you can map out how an object will respond with marketing spend, you can evaluate different price points.”
3. Respond to the latest trends to stay current and relevant
You can optimize your marketing budget by staying up to date with the latest marketing trends. Not only will it make your marketing campaigns more targeted and effective, but it will improve ROI, customer retention, and customer experiences as well. Competition in today’s marketing landscape is fierce. Understanding current market trends is key to remaining competitive. With predictive analytics, you can predict future shifts and plan your campaigns accordingly.
“Keeping up with the most current trends is key to strategizing so you can make better business decisions,” says Joe.
4. Use customer data to adjust campaigns
Provided it’s assessed and interpreted properly, customer data can be used to maximize the efficiency of advertising expenditure. By harnessing the power of predictive analytics, you can pinpoint everything from usage to customer buying behaviors. Customer data can help ensure that you don’t waste ad spend on irrelevant ad positioning or unnecessary communications. In turn, this can free up part of your budget for other revenue-boosting opportunities.
“No matter what industry you’re in, predictive analytics provides you with the necessary insights you need so you can make your next move. With a deep understanding of customer data, you can change your course of action for your campaigns to be more successful,” explains Joe.
5. Manage spend across different publishers to optimize effectiveness
If you are looking to optimize your marketing budget and maximize profitability, it's essential to allocate every dollar effectively. To fine-tune your budget allocation across different publishers, focus on the ones where you can fully control targeting and cost instead of spreading your budget thin. This will condition you to get rid of what does not work and focus your resources on what does.
Joe adds, “It’s essential to manage spend efficiently so you can yield the most optimal results. To do so, pay close attention to what’s actually working and what’s not by using predictive analytics to maximize value.”
3 Predictive analytics best practices
Managing and coordinating all steps in the analytical process can be complex. By following best practices, you’ll be well-positioned to glean the maximum benefit from predictive analytics.
1. Define your objectives
Predictive analytics empowers you to optimize operations by predicting outcomes. The predictions directly inform the action to take such as focusing marketing efforts on those most likely to make a purchase or identifying those who may commit fraud. To get the most value out of your data, be sure to align your strategy with your business objectives.
Also remember that you can pull down data from a variety of different sources, and even integrate additional functions from third party platforms, thanks to widely available APIs. Learning the basics of APIs and what they have to offer will show you just how much potential they have in a predictive analytics context. They’re well suited to expanding the potential of internal tools, and letting you squeeze even more value from every data point that you gather across your operations.
2. Organize your team
Before you determine your marketing spend, thoughtfully assemble your marketing and sales teams. By making sure everyone is on the same page, departments will be able to work together more successfully. Having a transparent approach is not only beneficial for collaboration, but it also helps generate useful feedback regarding marketing tactics from different teams.
3. Plan for disruption and continue to refine your predictive analytics models
There will always be factors that change. As a result, as you develop your predictive analytics models, you must continue monitoring them, improving them where necessary, and refining them when needed. These steps ensure the accuracy of your analytics.
MarinOne powers success with predictive analytics
No matter what industry you are in, the need for predictive analytics is more critical than ever before. Predictive analytics can help you make better marketing predictions so you can start to achieve real growth. By mastering predictive analytics, you will also gain a competitive advantage.
For a deeper understanding of how you can put predictive analytics to work for you, consider MarinOne.
When you partner with MarinOne for your predictive analytics needs:
- Your marketing spends go further and you can make effective use of your budget
- You can scale campaigns that are predicted to perform well and filter out those that are not achieving your desired results
- We can advise you on how to allocate your spend across multiple publishers and campaigns and much more.
Want to learn more about how our platform can help you integrate predictive analytics into your marketing campaigns and bring added value to your business? Schedule a demo with one of our MarinOne experts today.