4 Reasons Why Predictive Analytics and Big Data Are Powerful Tools for B2B Marketers
July 7, 2015
How robust data and powerful analytics can drive ROI
Abraham Lincoln once said, “The best way to predict the future is to create it.” As marketers, we are creating the future of our companies—evangelizing our products, engaging prospects, and generating the revenue that propels the organization forward. However, in a world where all marketers compete fiercely, you need an edge in order to rise above the clutter. Predictive analytics and big data are the new propulsion tools for marketers, empowering them to reach new levels of effectiveness in their organization’s forward drive.
Here are four reasons why you should adopt them:
1. Predictive lead scoring drives greater value
Predictive lead scoring that uses predictive analytics and big data to rank and prioritize leads is based on a scientifically proven and sound statistical modeling approach. The result is a score (typically from 0 to 100) that signals the likelihood of turning a lead into a customer. The score is based on a deep, data-driven analysis of how closely each lead resembles an existing set of customers.
According to a study that was conducted by SiriusDecisions in 2014, 68% of B2B organizations are scoring leads. Of organizations using predictive lead scoring, 90% agree that predictive scoring provides more value than traditional lead scoring. Furthermore, 98% of the respondents said that they would purchase predictive lead scoring again.
2. Pass only qualified leads to sales
Rainmakers are one of your organization’s most valuable assets. Obviously, you must be certain that they only spend time on prospects that are likely to convert to deals. However, according to MarketingSherpa, 61% of B2B marketers send all leads directly to sales, but only 27% of those leads are qualified.
Imagine the impact that would have on your organization and your ROI if 100% of your leads were qualified. Predictive analytics and big data can help you qualify leads prior to actual contact by using robust data from your company database, the web, and other databases. This data can disclose the likelihood to purchase and even determine which product is the best fit.
3. Move faster, close more deals
Closing sales requires agility and speed. Research shows that 35-50% of sales go to the vendor that responds first, according to InsideSales.com. Marketers, ignore this statistic at your peril!
Of course, you can’t call everyone immediately. But you can prioritize leads with real-time predictive lead scoring to know which leads to call first to increase your deal conversion rate.
4. Keep up with the competition
If you’re not yet convinced about the importance of predictive lead scoring and big data, maybe knowing that your competitors use it will inspire a sense of urgency. According to the CMO Survey, CMOs report they spend 8% of their marketing budgets on marketing analytics and expect to increase this level in the next three years.
The increasing implementation of predictive analytics and big data raises the bar for all marketers. Your competitors may be increasing their investment in analytics as you read this. Adopt big data and predictive analytics strategies to keep pace.
Predictive analytics and big data make B2B marketing more efficient and effective. Marketers spending more on analytics are reporting great benefits. Predictive analytics and big data don’t just predict the future – they create the future for marketers and their companies.
Join us for a live webinar presented by SiriusDecisions, LinkedIn and Mintigo on “How to Be a Data-Driven Marketing Powerhouse with Predictive Analytics & Big Data”, Tuesday, July 14, 2015. Register today!