Written by: Emily Brungard
First things first: what even is predictive analytics? According to SAS, predictive analytics is “the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.”
What does that mean for marketers? A lot. Salesforce calls the connection between predictive analytics and marketing predictive marketing. “Predictive marketing uses data science to accurately predict which marketing actions and strategies are the most likely to succeed. In short, predictive intelligence drives marketing decisions.”
Sounds great, right? If you’re not convinced yet, just look at these statistics:
- The average lift in conversion rate for sessions influenced by predictive intelligence is 22.66%.
- Personalized messages delivered to customers’ inboxes increases engagement and conversions, with transaction rates that are six times higher than those without personalization.
- 51% of consumers expect that, by 2020, companies will anticipate their needs and make relevant suggestions before making contact.
- According to Gartner, by 2020, 85% of customer interactions will be managed without a human.
- For enterprises using AI, top-performing companies said they are more than twice as likely as their industry counterparts to use the technology for marketing, 28% vs. 12%, per Econsultancy.
- 47% of digitally mature organizations, those with advanced digital practices, have a defined AI strategy, according to Adobe.
- A PointSource study found that when AI is deployed tactically, 34% of shoppers will spend more money online. About 49% said they are willing to shop more frequently online when AI is present.
- Forrester predicts that by 2020, businesses with data-insights-driven teams will grab $1.2 trillion from competitors not using AI.
Data is one of marketers’ most valuable assets—don’t let yours go to waste. With an AI/predictive analytics expert, you can take that data and turn it into actionable insights (just in time to plan your 2019 marketing strategy).
Not quite sure what to look for in a predictive analytics expert? Let us help. Request help finding an expert today.
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