The predictive analytics market is waking up. As we approach 2021, businesses are desperate to develop strategic plans focused on what is reliable, predictable, and resilient to future unknowns. Business decisions made today can change the trajectory for years. So how can businesses best prepare for the unknowns? The answer lies predictive intelligence. Automation, machine learning, and artificial intelligence solutions are so powerful that McKinsey forecasts in their Accelerating Analytics to Navigate COVID-19 article, “These capabilities offer between $9.5 trillion and $15.4 trillion in annual economic value.” Below we walk through how one powerful analytics company is shaping the predictive intelligence market by building reliable pipelines to help businesses survive.
Predictive Analytics: How it Works & Addresses Today’s Challenges
As new predictive analytics solutions enter the market, businesses are gaining clarity, making better data-driven decisions, and delivering more personalized customer experiences. But what are predictive analytics? As Mathworks so simply defines, predictive analytics examines historical data to predict future events. The greater the amount of data analyzed, the better the prediction. As the predictive model continues to collect and analyze data, it notices trends and makes suggestions that could impact outcomes.
These predictions are especially valuable for businesses planning during a pandemic. McKinsey states in their Predictive sales forecasting: Is your finance function up to code? article, “In the wake of the recent economic uncertainty and market volatility, it will become even more important for finance functions to explore advanced analytics and automation.” Just as finance departments will benefit from AI-powered sales-and-revenue-forecasts, there is another department that can influence bottom line revenue utilizing powerful predictive analytics tools: marketing.
Identify Consumer Behavior Before It Leads to Costly Disruptions
In Demand-Planning.com’s How Business Forecasting & Predictive Analytics are Merging article, former Columbia Professor and author, Eric Siegel, explains the benefits of predictive analytics, “For example, if a customer lives in a rural area, has these demographics characteristics and has exhibited these behaviors, then they might have a 4 times more likely chance of buying your product than the average. That might be a relatively small chance but when improving something like mass marketing, finding a segment that is 4 times more likely to buy than the average, that has a dramatic improvement on business performance.” It goes without saying that predictive analytics provide powerful insights to help businesses make smarter decisions. So how can businesses implement predictive analytics today to prepare for 2021?
Fastbase’s Predictive Analytics Power Marketing and Sales
With predictive intelligence tools like Fastbase, vast website data is broken down into digestible understandable trends. Fastbase WebLeads identifies website visitors, the content viewed, and paths to purchase. Knowing these trends, marketers can gain clarity on what campaigns are working and which advertising leads to sales. Just as Siegel mentioned earlier, understanding past patterns can help predict future consumer behavior. Analyzing web traffic trends, Fastbase can alert marketing teams when hot leads visit the website and fit a buyer’s profile. Concurrently, the sales teams save time, reaching out to the prospects most likely to convert when the time is right.
In conjunction with WebLeads, Fastbase’s InMarket Leads and Similar Leads tools empower sales teams to consistently discover new prospects that fit their ideal buyer profile. InMarket Leads not only populates potential prospect lists but also displays prospects that are in-market and currently searching for your product or service. Fastbase’s Similar Leads tool uses AI to find similar leads to your existing customer base. With the visibility in knowing who has visited your website, the content viewed, and the keywords used to get there, Fastbase can continuously suggest new leads that fit your ideal customer profiles. This dependable pipeline is invaluable for businesses searching for reliability in 2021.
Fastbase’s suite of products have been developed specifically to automate marketing and sales initiatives by providing valuable insights on consumer behavior to drive smarter business decisions. Leveraging predictive intelligence, Fastbase equips marketing and sales teams with what is likely to happen in the future, which all businesses will rely on in 2021.