Data in marketing is nothing new. The face and application of data is only shifting to a new landscape — the digital one. As we marketers bumble through Big Data, there are those companies and thought leaders who believe that they already have a good handle on how to use data for digital marketing.
Predictive analytics, or predictive marketing, is one of those methods that these marketing pioneers believe work. Predictive analytics combines internal and external data from company and consumer movement to help the seller determine where its customer may go next. And, if they go to a certain product, what that potential outcome may be.
Lattice Engines, a predictive analytics company based in California, released a white paper explaining the basics of predictive marketing, why certain methods work over others, and things one should be thinking about when implementing a predictive marketing platform.
The paper, or ebook, gives the reader numerous takeaways and does not hold back the complexity and in-depth vocabulary needed to really understand its message. You need to have some basic understanding of sale leads and sales management to get the full picture.
One of our favorite parts of the paper is the list of things to think about when deciding if this is the way to go for your business. Too often, we hear or read about brands and clients that purchase or engage in activities because everyone is doing it, or because it looks cool and new, without thinking about whether it can actually work for them.
Top Considerations for Marketers When Evaluating Predictive Apps
1. Think about the problem you are trying to solve
2. Ensure you have the right data assets to solve your problem
3. Understand what success looks like in your company
4. Think through what you will do with the output
Granted, if marketers used these considerations for everything they did, the marketing and advertising world would be a better place. But we guess that one has to start somewhere. Take a look through the ebook and tell us what you think. Is it a good resource for those getting started in predictive marketing? A nice refresher? Or did Lattice miss the mark?