It’s time to stop living in the past.
Yes, models can help you predict response to a campaign. But you can also use them to learn more about the customer’s needs and behavior.
But you need to embrace advanced marketing analytics. Why bother? You can learn about a customer’s likeliness to purchase, or upgrade. And you can predict churn, the timeframe and expected lifetime value.
Rest assured, results will follow once you’ve made that commitment.
One firm we have worked with bases its marketing plans for the year on the expected results (driven by advanced analytics). Its executives can contemplate shifts in marketing spend across programs and have a very real sense of the expected lift and return on these dollars.
But you have to invest time (and some money) into your infrastructure and platform. Why should a modeler waste time fixing data issues? This platform has to fully support model development, scoring, accuracy checking, performance verification and integration with your other campaign, measurement and ad-hoc reporting platforms.
Furthermore, all this must be truly automated.
Other benefits? You can use advanced analytics to:
- View future contact plans in light of expected response and returns.
- Redistribute marketing dollars with an eye toward sales, profit and lifetime value.
- Analyze results and change accordingly while programs are in market.
- Evaluate the actual results against the expected ones and further reallocate contacts while programs are active
- Create the right offers for inbound channels. Finally, you can generate lift of over 25% and justify the platform in as little as 45 days.
Michael Caccavale is CEO of Pluris. You can reach him at email@example.com