Predictive analytics is the art of finding signals in your customer data that suggest conversion, and leveraging those data points for more effective and efficient marketing. Basically it’s putting data behind sending the right message at the right time.
Identifying what actions contribute to conversion allows you to create an audience segment on the verge of conversion so you can hit them with the message that will seal the deal. Identifying that segment also improves customer experience (you’re not hitting people who are not likely to convert with the same message, which can be annoying) and media efficiency (you’re not paying for impressions or clicks from people who aren’t ready to convert).
How Prove Uses Predictive Analytics Modeling
Predictive analytics can be used to build a chain reaction, identifying what actions indicate a propensity to take the actions that indicate a propensity to convert, and customize messages to that funnel stage.
Predictive analytics can go deeper and use data to predict a segment’s average lifetime value, and average order value. The analytics teams at Prove work with clients to evaluate available data and desired set(s) of actions to determine the right modeling approach:
Our cross-functional teams take these models to the next level and build content matrices to map messaging to your desired actions and implement the technology to get those messages to your data-driven segments.