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Seemingly overnight, predictive analytics has moved from the province of statisticians into the conversations of marketing departments everywhere. And while new to the marketer's toolbox, a report from Forbes Insights indicates that the technology can produce significant results within a handful of years.
The survey of 308 CMOs and business unit directors, which was sponsored by Lattice Engine, found that nearly half of those organizations deemed “highly advanced” in their usage of predictive analytics credit the technology with increasing ROI by more than 25%. Marketers from these organizations, which made up 13% of the surveyed group, have worked with predictive techniques for at least five years and describe them as core functions within all of their marketing initiatives.
Some of the areas in which predictive analytics have paid off most, say these experienced practitioners, are preventing early attrition cost of customer acquisitions, digital promotions offered to specific target groups, lead scoring, and customer propensity to buy a specific product....
Those who have been using the technology for up to five years report 25 increases in ROI. A powerful reason to explore this tool.