How Cloud-Based Predictive Analytics Makes Marketing More Competitive

How Cloud-Based Predictive Analytics Makes Marketing More Competitive

Cloud-based analytics have revolutionized the business world and become key in gaining a competitive marketing advantage in today’s economy. The cloud analytics market, valued at $7.5 billion in 2015, will surge to $23.1 billion by 2020, Markets and Markets projects.

Addtionally, 83 percent of business leaders have deployed big data predictive analytics to gain a competitive edge over rivals, and 89 percent believe this trend will revolutionize business operations as radically as the Internet did.

Here are four cloud-based analytics strategies companies are adopting that can help your business get ahead.

Improve Your Market Research

Cloud-based predictive analytics provide companies with a powerful tool for enhancing traditional market research with insights based on actionable, real-time data. Businesses can use analytics to spot key trends, such as:

  • Which keywords are trending
  • Which inbound and outbound marketing campaigns produce the best results
  • Which sales pages generate the best conversion rates
  • How often customers abandon sales carts

For instance, Amica Insurance used Tableau Standard’s analytics platform to study its own advertising and direct mail campaign calls. By culling data from tens of thousands of phone calls, Amica was able to quickly identify market trends, relationships, and outliers in a fraction of the time that would have been required using traditional methods. Being able to identify trends like this more rapidly enables companies to move quickly into action and capitalize on emerging market trends before competitors spot them.

Identify Your Hottest Leads

Cloud analytics are also helping companies improve their customer relationship management. By viewing analytic breakdowns of customer profiles and sales histories, companies can identify which prospects are most likely to make a purchase and where they are in the sales cycle. Sales manager can then deploy sales representatives accordingly.

Salesforce, a popular CRM tool, recommends using a scoring system to measure and evaluate leads. For instance, if your historical data indicates that CEOs produce more sales conversions than managers, you can assign CEOs a “10” and managers a “3”. Salesforce suggests developing scoring systems based on demographic criteria and other factors, such as a prospect’s budget, decision-making authority, need and timing.

Customize Your Sales Presentations

Cloud-based predictive analytics can help you optimize your company’s sales presentations by customizing them to the individual buyer. By studying data on a customer’s profile and buying history, you can identify key sales information to determine their needs, which benefits are most likely to appeal to them and which objections they are likely to raise. You can then provide your representative with this information, so they can customize their presentation to appeal to the individual buyer’s situation and preferences.

You can also use analytics to test how effective your customized presentations perform. For instance, Microsoft partner Highspot provides analytics tools that let sales teams track customer engagement with sales presentations and how well this engagement translates into revenue. By using this information to adjust your presentations, you can optimize your sales effectiveness and maximize your revenue.

Boost Customer Satisfaction with Better Service

Customer service directly affects sales, as high customer satisfaction tends to generate repeat sales and referrals, while dissatisfaction drives customers away and generates negative publicity. Analytics tools can help you increase sales by boosting customer satisfaction.

For example, cloud contact center platform Aspect Zipwire allows you to analyze your customer service data across all communications channels, so you can get a complete picture of operational and quality issues and then make any adjustments and improvements. Zipwire also integrates with leading CRM suites so that you can combine insights from your customer service data with insights from your CRM data.

About Missy Ward

Missy Ward has been in affiliate marketing since 1999. She is the Co-Founder of Affiliate Summit, FeedFront Magazine, GeekCast.fm, itsaWAHMthing.com; the Co-Publisher of Revenews.com, Founder of AffiliateMarketersGiveBack.com and manages many of her own affiliate sites. Visit her affiliate marketing blog at MissyWard.com.

4 Responses to How Cloud-Based Predictive Analytics Makes Marketing More Competitive

  1. Hamza sekkat says:

    Yes market reseach is best improved your way. Thank you for this article.

  2. Ella Wilson says:

    Hey,

    Good post ! Awesome post and i appreciate your work.

  3. Thanks for sharing such beautiful with us. I hope you will share some more information about Based Predictive Analytics Makes Marketing .please keep sharing.

  4. Hello,
    Thanks for sharing this informative article about marketing, awesome post keep up the good work