BPM Analytics

Predictive customer behaviour modelling unveiled

In today’s fast-paced world, customer expectations and needs are ever-evolving, and staying on top of them is now more crucial than ever if you want to survive. The data-rich world we live in today makes it very easy to understand these trends. However, this is possible if – and only if – you can harness this vast amount of data and leverage data analytics for marketing to help you uncover valuable insights and drive business success.

Predictive analytics services have transformed many industries and business functions. But how can you incorporate them into your marketing operations?

Predictive customer analytics and predictive behaviour modelling

Predictive analytics is a powerful tool that can help businesses leverage data and derive insights to make well-informed decisions. Predictive customer analytics, however, goes beyond traditional analytics methods to analyse massive amounts of data and identify patterns and relationships between different customer data points. This way, businesses can leverage marketing data analytics tools to predict customer behaviour and outcomes rather than relying on passive analysis of historical data and guesswork for what might work in the future. Predictive behaviour modelling takes consumer behaviour analytics to the next step, allowing marketers to build different customer models and identify the best marketing strategies for each group based on their key characteristics.

Implementing and leveraging data analytics for marketing

Data analytics for marketing has a great potential to transform how you understand your customers and look at marketing functions. But finding the right marketing data analytics tools and strategies to leverage their capabilities can be challenging. Here is a brief overview of the process that can help you implement and leverage marketing analytics tools to enhance your marketing efforts:

Define your goals and objectives

First and foremost, you have to define clear, specific, and measurable goals you want to achieve through your marketing efforts and the part of the customer journey you want to influence. Different goals – like raising brand awareness, promoting a new product, or getting customers to sign up – will require you to focus on different variables and points in the customer lifecycle. So, knowing what you want to achieve will set up how you can leverage predictive analytics services.

Define your key performance indicators

Once you have your goals and objectives in place, the next step is to determine the key performance indicators you want to focus on and how you will measure them. Tracking every single performance indicator may be unnecessarily time-consuming and complex. So, focusing on metrics that can help you track the success of your campaign and making sure you can measure them is crucial.

Collect, organise, and analyse your data

The next step is to run your marketing campaign to collect and organise the wealth of data available to you. Analysing this data with the help of marketing data analytics tools can help you uncover valuable insights, patterns, correlations, and trends that can help you predict customer behaviour going forward.

Develop predictive models

A key part of using data analytics for marketing is to be able to leverage machine learning algorithms to build predictive models. You can use historical data to train these models and continue to refine them as you run different marketing campaigns.

Implement, monitor, and optimise

The last step is to integrate your findings into your business operations to optimise any future marketing campaigns and achieve the results you want. Be sure to regularly monitor your predictive models and make necessary adjustments to ensure optimised future marketing campaigns.

Benefits of marketing data analytics tools

The benefits of marketing data analytics tools are far-reaching. Having all the data and valuable insights about your customers, the performance of your marketing campaigns, and their impact can help take the guesswork out of your marketing efforts. This can help you position your brand better and boost customer retention and growth.

Some of the things marketing analytics can do for you include:

• Get a better understanding of your customers to offer an enhanced customer experience across the customer lifecycle.
• Optimised marketing strategies and channels to better understand where your target audiences are and reach them effectively.
• More effective resource allocation to better manage your marketing budget and avoid any unnecessary spending.
• Better alignment between marketing and business objectives to effectively boost customer awareness, loyalty, sales and revenue.
• Enhanced competitive edge by understanding your customers better and staying a step ahead of your competition.

How can Infosys BPM help?

To effectively leverage data analytics for marketing, you have to work with the right consumer behaviour analytics tools and services that can help you harness valuable insights from digital journeys and social media interactions of your customers. With tools like social and web reporting, social BOT seeker, social network analysis, churn prediction analysis, and many more, Infosys BPM can help you track and predict consumer behaviour patterns to enhance your competitive edge.