No Data Science Team? No Problem. Marketers Can Finally Create Their Own Lookalike Models.
Predictive analytics and modeling are not just fancy terms. They are like your marketing crystal ball. Imagine knowing your future best customers before they have even heard of you. It not only helps you serve customers better but also enables you to capitalize on new opportunities and drive growth. If you can leverage the use of predictive modeling marketing, your brand has the potential to soar!
Why You Need Predictive Modeling
You may already know that data bridges the gap between customer expectations and a brand’s delivery. But, it is predictive analytics that makes the data more meaningful, interpretable, and useful.
Predictive modeling is the use of analysis to map existing customer’s behavior to forecast future behaviors. Using historical data, analytics tools, and models can reveal patterns and correlations that might be invisible with manual analysis. With these insights, brands can make proactive, informed decisions. They can help visualize your customer’s next step – so you can be prepared with the right offer.
Know Your Best Customers In and Out
Your best prospects are the ones who display behaviors and characteristics similar to your existing customers with a high lifetime value. But, in order to identify them, you need to have an in-depth understanding of who they are.
Predictive models fed with sufficient first-party data and high-quality second and third-party data will offer you a detailed profile of your ideal customer. This intel helps brands identify leads with similar traits and target them. It enhances targeting precision so marketers can better allocate resources and tailor campaigns to specific segments. With targeted marketing, brands can enjoy a better return for their ad spend.
In addition to optimizing marketing budgets, this also increases outreach effectiveness. By anticipating customer preferences and needs, predictive modeling fosters better brand-consumer relationships. A win-win-win! 🎉
The Speed Bumps in Acing Predictive Modeling Marketing
Building predictive models requires the best data science sources for reliable and accurate results. After all, your audience models will only be as good as the data you use. For lean marketing teams, this is easier said than done. Securing data science resources can be a real headache, especially for smaller, high-growth organizations.
Secondly, you need expertise in data science and analytics to optimize the use of the models. They also require constant interpretation and validation – as well as updating to retain reliability and relevance. Considering the processes involved, building predictive models is a costly investment. These barriers often prevent small firms from harnessing the unmatched potential predictive analytics offers.
Does this mean that these brands should miss out on all the benefits of predictive modeling? Absolutely not.
Speedeon’s AudienceMaker: The Ultimate Customer Intelligence Platform
Speedeon’s AudienceMaker aims to streamline and simplify the complexities involved in building predictive models so that it’s more accessible for businesses of any scale. Much of the work involved is automated by the platform – so you can focus on your customers better!
If You Are Wondering How It Works…
Think of your marketing strategy like baking a cake.
Most tools are like individual ingredients – useful, but you still need to bring them all together. Now, imagine AudienceMaker as a ready-made cake mix. It’s not just a tool. It’s the whole mix with a national consumer database pre-baked inside.
But here’s the icing on the cake – it also comes with layers of insights and point-and-click predictive modeling. So, instead of gathering ingredients and mixing from scratch, you’re essentially getting a sophisticated baking robot programmed by a world renowned pastry chef. Your results are a data-rich cake ready to deliver for your stakeholders. It’s the shortcut to a deliciously successful marketing campaign! 🍰✨
AudienceMaker makes it possible for marketers to:
➡️Instantly access a database of prospects
➡️Quickly enrich customer data with 1,000+ attributes
➡️Create audience models in a few clicks
How Can I Use Predictive Models for Marketing?
Whether you are an industry giant looking to solidify leadership in a new market or an upcoming brand gearing for a disruptive start, building predictive models can help you achieve your goals more efficiently than ever before. It has reshaped and revolutionized how advertisers reach out to prospective clients.
Speedeon’s 2024 AudienceMaker Use Case Lookbook is a great resource, offering plenty of ways to leverage the power of audience modeling. You’ll see 10+ examples of how the platform can impact your marketing on day 1, from deeper customer intelligence to list building for cross-channel campaigns and even predictive analytics. Let’s check out a few of these incredible use cases of predictive modeling.
Efficiently Acquire New Customers
Acquisition campaigns are a big deal for brands. They’re often viewed as a major growth lever, bringing in new customers and driving company revenue. Prospecting campaigns don’t just expand brand reach and awareness; they help brands stay relevant and thrive.
But casting too wide of a prospecting net can cause major inefficiencies.
For example, one auto service brand was blanketing everyone within a certain radius of their locations with the same direct mail piece. Uh oh – there’s a lot of waste.
If you’re in the same boat, consider building predictive models using AudienceMaker. Here’s how to go about it!
1️⃣ Upload your current customers to AudienceMaker
2️⃣ Build a predictive lookalike model in a couple of clicks to identify ideal prospects
3️⃣Layer on additional targeting parameters, like distance to location
4️⃣Activate these audiences for direct marketing targeting
In less than an hour, you could be on your path to increased ROI for your direct marketing campaigns and increased conversion rates. Predictive modeling marketing not only helps you target the right customers, but it also prevents you from targeting the wrong people, eliminating wasted spend and reducing acquisition costs.
Download the full AudienceMaker Use Case Lookbook here.
Retain Your Key Customers
Retention marketing is like throwing a fantastic party for your existing customers, keeping the good vibes flowing, and preventing unwanted exits. By tuning into what makes your customers tick – their preferences, behaviors, and happiness levels – businesses can roll out personalized strategies that amp up the overall customer experience.
No one likes to see guests leave early, and in business terms, preventing churn not only secures your revenue but also turns loyal customers into the life of the party, making repeat appearances and cheering on your brand.
Check out this cool use case. In a recent strategic initiative, a forward-thinking travel brand used AudienceMaker’s predictive modeling to identify new customers and segment them into specific loyalty member types. They uploaded their current loyalty members by tier (Bronze, Silver, Gold, etc). And now, the models help the hotel identify which visitors have a high likelihood of transitioning into a particular tier.
Implementing this predictive approach has opened the gateway to crafting curated customer journeys and targeted offers across all channels.
Download the full AudienceMaker Use Case Lookbook here.
Put Your Customers on the Map to Drive In-Store Traffic
Sure, digital is hot and important. But many businesses still thrive on location-based, in-person interactions. If that’s you, consider what you can do inside AudienceMaker by combining the power of our mapping capabilities and our predictive modeling easy button.
For example, AudienceMaker really came through for this growing CPG company, which was gearing up to debut on Trader Joe’s and Target shelves.
The brand was able to develop a look-alike model that pinpointed prospects most likely to be interested in purchasing their product. They then used the platform’s mapping tool to pinpoint those prospects located near the stores. The brand’s agency was set up to successfully target these potential fans across digital and social channels.
By using rich, accurate, and predictive marketing data, you too can expect results like…
- Effective digital CPMs
- High onboarding match rates
- Successful product launches
- Better brand awareness
Building Predictive Models that Serve Your Brand Better
The ultimate objective of building an audience model rests on the purpose of your marketing campaign. For example, are you looking to acquire customers from scratch or build from the existing clientele? Are you looking to retain your high-value clients or explore a new segment that might be interesting? Therefore, frame your goals for clarity, scope, and definition.
Also, the availability of primary data is a critical factor in determining the success of your model. It is the foundation upon which predictions are made, and therefore, the more data you have, the better your interpretations and insights will be.
Leverage Predictive Modeling Marketing with AudienceMaker, No Data Science Degree Required
Creating models that work requires intense data science expertise. And that’s why Speedeon has distilled the science of custom modeling into an easy-to-use point-and-click experience. Want to see for yourself? Let’s go. 👇
Take Your Lookalike Audience Across Channels including Digital
Marketers are used to riding a constant wave of change. Over the past years, iOS tracking and Google targeting changes have shaken up the status quo for digital marketers. That’s where digital teams, especially those focused on acquisition, can also find major value in AudienceMaker.
Using the platform, you can build a lookalike model in just a few clicks. Additionally, there is no black box mystery about the exact individuals being targeted or what attributes are driving the predictive models. The cherry on top? Teams can then export and onboard audiences to your chosen digital destination for hyper-targeted, measurable campaigns.
Get on Board!
Ready to uplevel your direct marketing strategy with the precision of predictive lookalike modeling? From direct mail to digital to TV, Speedeon’s AudienceMaker platform makes it possible to ensure your message reaches your hottest prospects. Hungry for more actionable ideas?
Download the full AudienceMaker Use Case Lookbook here.
