Of course, the new analytical methods for determining marketing spend by channel make forecasting sales easier than peering into a crystal ball.
analytics on big data (and little data) â€”and used to set budgets and
determine which platforms deserve the most spend for the most salesâ€”
includes the same data a CMO needs to implement
predictive audience building. Our ability to predict buyer behavior is
not only clearer than ever; itâ€™s a great deal more detailed as well.
With todayâ€™s analytics, every impression gives you more insight into the
people who interact with your marketing campaigns, from their age group
and location to their interests and the factors that led to their
What does predictive audience building entail?
Predictive audience building is a logical next step. An analysis of your customersâ€™ habits, demographics, and interests and including data on previous purchases can paint a picture of each customer â€” and predict when theyâ€™ll become customers again, what theyâ€™re likely to respond to, and which marketing channels work best for promoting a new product.
Simply put, predictive audience building is the way to forecast the sales each of these customers could generate for your company based on their buying and browsing habits. Â Itâ€™s kind of like having a cork board pinned with pictures and stringâ€”as in a detective showâ€”and connecting all the variables and information into a fully-fleshed out person with their motivations and tendencies to buy.
This wealth of data can allow you to pin down certain variables in your marketing strategy, which can help you justify your spend and forecast future sales at the same time. Predictive audience building can reduce or eliminate unknowns, providing you with: