Earning customer loyalty is a challenge, even for established brands. But big (and small) data from a variety of sources can yield valuable insight into customer behaviour. When properly interpreted, consumer data can inform media and sales investments, and identify your most profitable customers.
Finding new ways to manage and analyze data, improve information flows and streamline technology can result in better products and services, more effective sales efforts, greater lifetime customer value and happy customers. But what if we took it one step further? What if we could predict what a customer wants, and ‘hand it to them on a platter’?
Enter Predictive Intelligence. Still quite an unknown term to many, it is fast gaining popularity due to the impact it is having in the marketing world. In essence, Predictive Intelligence is the process of first collecting data on consumers and potential consumers’ behaviours/actions from a variety of sources, and then combining it with profile data about their characteristics. This data is then distilled and interpreted, often automatically, by sophisticated algorithms, from which a set of predictions are made, and based on these, rules are developed to deliver relevant communications and offers to consumers to persuade them to engage with a business to meet its goals.
The relevant actions that are carried out based on this distilled and interpreted data, are that of predicting and then executing the optimum marketing message, to specific customers across the marketing mix, at the optimum time in order achieve your company’s marketing goals – these goal usually being higher engagement and/or sales. In summary, you are communicating in a way that is most relevant and preferred by the customer and most likely to result in you achieving your marketing goals.
Essentially, you set what the marketing goal is and the Predictive Intelligence algorithms will then use the collected data to find the best way of achieving it. Predictive Intelligence aims to deliver content based on customer needs essentially tailoring the experience for the person receiving the information – true personalised one-to-one marketing communication that is aligned with a company’s marketing goals. Sounds like the solution to many a marketing manager’s problems. Most companies are probably still a way off to implementing this in practice, but it’s definitely a good mid-term goal for online businesses to aim for.
Daniel Gross – CEO