In today’s market, collecting and interpreting consumer data is extremely important to a business’ survival. But hiring a data specialist is an expensive option that many small or medium-sized companies simply can’t afford. That’s why predictive-marketing analytics tools are a hot commodity that many businesses are utilizing. These tools help companies study data to predict future shopper behavior, the things they may purchase, how much they will buy and how much they will spend. The following are a few advantages to using predictive marketing tools.
5 Reasons to Use Predictive Marketing Tools
Boosts Customer Engagement and Revenue: Predictive marketing can increase revenue by filtering and organizing data, so that companies know which campaigns resonate with shoppers. Successful analytics will lead to well-targeted marketing campaigns that predict what customers may want based on their purchasing patterns. This converts shoppers into buyers.
Fosters Competition: Merchants help smaller ecommerce merchants compete with larger chains. Predictive marketing tools enable small companies to create product recommendations to consumers. Affordable SaaS solutions can generate algorithms to provide real-time, personalized offers for individual customers.
Predicts Shopper Responses: Algorithms by predictive marketing tools can predict shopper response to communications, and the impact of messaging. These algorithms allow marketers to find the most successful messages for campaigns.
Save Marketing Dollars: Once a company knows what messages work, they can avoid wasting money on random prospects. As a result, companies can save advertising dollars.
Betters Lead Scoring. Increased lead scoring ranks prospects on their perceived value. This prioritizes leads for companies and helps them funnel their dollars to the sales department to find more profitable contacts and follow up. Other measurements that predictive tools can unearth are promotion response, customer lifetime revenue, and profitability.
EMB has helped many types of merchants expand their customer base and drastically increase sales. Now ecommerce merchants can find a credible payment processor that offers long-term solutions and support in the era of predictive tools. Call us at 1-800-621-4893 to open your new ecommerce merchant account. Your company must have progressive payment processing to stay competitive in the coming years.