Predictive Analytics for Sales Gen

Word cloud for Predictive analyticsImagine the power to predict the future market conditions and to know your customers wants and needs before your competition.

Predictive analytics can predict behaviors such as what customers are likely to purchase, who is likely to respond to marketing and sales events, and customer behavior.

Predictive analytics empowers real business to value  those companies that
know how to find it, and this is only an introduction to predictive analytics for sales and marketing folks like us.

Predictive analytics is based on the belief that the more insight you have, the better your decisions will be. Business decision makers and analysts are no different than insurance sales people, which is evident by the industries and technologies devoted to data capture, analysis, modeling, and like the big casinos and insurance companies.

Predictive analytics is different from many technologies because its impact is quantifiable. You can quantify the money you save because predictive analytics improves business processes and increases sales and marketing effectiveness.

When you can attribute good numbers to a specific technology such as predictive analytics, you can easily see the value of that technology.

To be useful for sales

The analyst develops a predictive model about the targeted customer base using the vast array of data sources available. The targeted customer base involves the people the company is attempting to sell a product or service to. Once a predictive model is developed, the sales team targets a sales and marketing campaign toward people who most closely meet the criteria identified in the predictive model.

By applying the predictive model to raw data or lists of prospective customers the sales team now knows the wants, needs, and desires of the targeted customer profile. With this information, it is possible to more accurately target marketing and sales campaigns towards customers in that demographic.

In this case, the sales team or marketing department that generates qualified leads knows there is a likely desire to buy life insurance, particularly for local business car dealers and a new car or pick-up every five years because of their family needs and income.

The ability to identify the wants, needs, and desires of a specific customer profile, is a very powerful concept from a marketing standpoint  and to identify that information faster than competitors, gives you a major advantage in the marketplace is what companies using predictive analytics strive to achieve.

Targeting only customers that have a desire to buy will give you a big advantage over your competitors unless they are using predictive analytics for finding qualified sales leads.

Find Patterns in Data A Predictive Model

Attributes:
• Male, 50 years old
• Married,
• Lives Detroit, MI
• Owns two cars
• Works in IT, wife works in nursing
Predicted Attributes
• Watches Detroit Lions and hockey
• Children play sports
• Husband and wife work
• Owns an SUV
• College educated
Predicted Behavior
• Will buy sports apparel for local teams
• Is friends with others in same demographic
• Would consider buying sports season tickets

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About Tim Little

Tim G. Little has a BS in Business Administration, and has worked in the magazine publication and circulation management for the past
20 years. As an Internet Publisher and Entrepreneur, he has developed expertise in the field of strategic planning, direct market
advertising and analysis, direct mail marketing and is a specialist in developing unique and lucrative opportunities using direct response
marketing methods for business.

Comments

  1. Thanks for finally writing about >Predictive Analytics for
    Sales Gen <Liked it!

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