Predictive analytics is a relatively new field of mobile marketing science that is changing the way brands and companies use big data for customer experiences and conversions. While it can be used for any online data, when you connect it to a customer loyalty system that personalizes in-store buying, it will empower your business in new and exciting ways.
For many years, businesses have relied on print and online methods of advertising to collect data on their customers. With predictive analytics it takes the next step forward, not only seeing what your customers have done in the past, but predicting what they will do in the future.
There is a huge change happening in the business world today. The online market has led to easier ways to reach out to audiences, which has rapidly escalated market penetration in niche sectors. Stores, brands and companies are realizing that finding 'new' customers is just not a viable business model for growth anymore.
Instead they are turning to solutions that focus on converting existing customers into repeat buyers. One customer purchasing 5 times a month, takes less effort to convert than 1 brand new customer that isn't sure about buying. Predictive analytics was developed out of a need to personalize customer experiences on desktop and mobile platforms.
Data analytics has always been important, but it often failed to answer the core question - how can it be used to escalate sales per customer at the right time? Predictive analytics is the answer to this question! By getting your customer to use your online sites or mobile media in-store you can track their behavior, patterns and interests.
Then, using predictive analytics you can map what your target customer is most likely to do, buy or which actions they will perform the NEXT time they are in your store. Predicting their buying behavior gives you a lot of advertising and promotional power, especially for small businesses.
Improve in-store product search. As they are searching for a product via your app, the search function will suggest products that are most likely to fit based on their past behavior - it speeds up the process considerably.
In-store, real time promotions and engagement. Using real time interaction management systems in conjunction with predictive analytics and your app, your system will evaluate customers individually and offer them unique discounts based on their buying preferences and past behavior.
Imagine being able to offer customers product promotions based on the price-ranges you know they can afford! Predictive analytics and mobile marketing technology makes it possible in-store and online.
When your brand or store chooses to use a mobile app with messaging capabilities, that can update your customer in real-time - providing them with personalized advertising and value based on predictive analytics, your conversions will rapidly improve.
Predicting customer behavior is essential to any customer loyalty and retention strategy in the retail space. Get your brand to make better decisions by offering highly targeted, personalized advertising to your existing customer base, then leverage the data you receive for even greater returns with predictive analytics and mobile marketing.