Have you been sitting on the sidelines waiting for time to jump into the game of big data? The situation started with “wait and see” and progressed through “this is the real deal” and into “you can really get an edge with big data marketing”. Now we’re passing the “do or die” mark — a full 89 percent of all B2B marketers are ready to leverage big data for predictive analytics this year. B2B marketers using predictive analytics are nearly two times more likely to regularly surpass their goals than those without these capabilities, and almost three times as likely to deliver an increase in revenue above the industry average.
That means that big data is no longer the way to gain an edge over your competitors; it’s the only way to be sure that they aren’t blasting past you. So, how do you get from here to there with big data marketing? There are three levels of data analytics, and “predictive” is the middle one. Here is your roadmap for surpassing the competition.
B2B Marketers Use Big Data for Descriptive Analytics: It’s Raining
The first level of data analytics is descriptive. Descriptive analytics uses the data to describe how things are. In layman’s terms, descriptive analytics tells you that it’s raining, or to put it in marketing terms, descriptive analytics tells you that lead generation is down or that conversion rates or up or that landing page A is outperforming landing page B. Traditional analytics does this for the marketer without the need for “big data analytics”.
B2B Marketers Use Big Data for Predictive Analytics: It’s Going to Rain
This is the stage most B2B marketers are currently in. At this point, the data can tell you not just what is, but what’s going to be. To the marketer, this means predicting trends and future patterns in the industry. For example, it can tell you that there’s going to be a steady migration next quarter from on-premises software solutions to cloud-based applications, or that businesses will slash budgets in response to the election or the world economy. That’s predictive analytics: helping you forecast your marketing as a weatherman would foretell the weather.
B2B Marketers Use Big Data for Prescriptive Analytics: You’d Better Carry an Umbrella
Predictive analytics doesn’t just tell you it’s going to rain, it helps you understand that you need an umbrella. For big data marketing, prescriptive analytics would help the marketer know whether to develop messages that describe your products as “cloud based” or whether to use the term “aaS or as-a-Service” instead. Similarly, it would indicate whether to advertise your product value versus your price, or to emphasize your quality over the length of your contracts. Though the majority of B2B marketers are getting into predictive analytics, few have reached the stage of true prescriptive analytics. If you’re going to beat the competition, this is where you’ll do it.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.