Marketing analytics help support your company’s marketing strategy development and are your greatest resource for creating predictive models. There are several reasons your marketing mix should utilize predictive modeling since it’s a fundamental structure that forms a picture of the key features of your overall marketing strategy.
It also allows CMOs and CEOs to determine which products and services attract customers and where products and services are greatest in demand. From this data, marketing strategies are more reliably predictable.
How Does Predictive Modeling Enhance Marketing and Sales?
Believe it or not, marketing strategies are often implemented without beta testing. In predictive modeling, strategies are implemented based on solid data mining and quantitative information gathered. This includes:
- Customer buying habits
- Buying frequencies
- Customer locations
Predictive modeling also allows your marketing team to examine existing customer transaction details and add them to your model to highlight issues such as top resale customers, fastest turnaround time from order entry to customer purchases, payment frequency and account activities. Predictive modeling enhances existing marketing efforts by drawing forth the key elements of your business goals and expanding them for greater sales reach.