The Types of Engagement
Propensity models, also called likelihood to buy or response models, are what most people think about with predictive analytics. These models help predict the likelihood of a certain type of customer purchasing behaviour, like whether a customer that is browsing your website is likely to buy something. This helps marketers optimise anything from email send frequency, to sales staff time, to money, including discounts.
Predicting Likelihood to Buy for First-Time Buyers
For consumer marketers, likelihood to buy predictions allow you to decide how much of a discount you might allocate to a certain customer because people who are already more likely to buy won’t need as aggressive of a discount as customers who are less likely to buy. The models then get better over time, as companies collect more data and automatically test whether predictions actually become reality.
Predicting Likelihood to Buy for Repeat Buyers
What good is spending money to acquire new customers if they only buy once and do not return? Based on a customer’s propensity to purchase, it is not only important to predict likelihood to buy for first-time buyers, but it is equally important to predict likelihood to buy for repeat buyers. Your goal is to keep customers coming back time and time again. It is happy and loyal customers who have a large lifetime value, and many customers with a large lifetime value make for large revenues and profits for your company.
Predictive Lead Scoring for Business Marketers
If you are in business marketing you can equally prioritize your investment using likelihood to buy models. You can ensure that your sales team spends most of their time with the prospects that have the highest likelihood to become buyers. This can have an enormous impact.
Be more inbound
Understand your leads and existing customers to know when they are likely to leave you or in a position to up sell.
Not sure if this is right for you?
Ok, so you have customers and leads in your database. You have a strong relationship with them. The hard work is done. But you just don’t know when they are looking to purchase, and your sales and marketing efforts are spent time with emails and calls to no end goal.
But, what if we could create a process that automatically identifies when a customer is likely to purchase. Deliver specific comms, generate the interest, and send it direct sales directly to your inbox?
It’s time to schedule a consultancy call on the right.
You have a substantial database of leads. But you don’t know much about them and you aren’t aware if and when they are likely to purchase.
You need a way of communicating with this database to ensure these leads are delivered the right message at the right time to increase the chances of a sale.
You have a good product. Your product reviews tell you this and your loyal customer.
However, you struggle to attract new customers to your business and your website. The methods you are currently using are not delivering the correct results.
You need to develop your inbound strategy to drive more inbound leads in to your business.