Have you heard of “predictive marketing” and “predictive analytics”?
These terms are being used more and more. Let’s try to understand what it means and what it can bring to you.
Predictive marketing put in simple words means using data and processing it to make smarter marketing decisions by predicting which action will most probably happen. This may sound very simple but it is very important in your marketing process.
Forester presents predictive marketing in three categories:
- Data aggregators – collect and append general business data – contact info, etc.
- Data enrichers – collect and enrich marketing and sales activity data.
- Predictive modelers – process data with predictive (mathematical) algorithms with predefined patterns.
This categorization in data use goes along with the advancement of your marketing organization, so that as you get more and more sophisticated, you will naturally progress from the first category through to predictive modeling.
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