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
Be more inbound with your marketing and use your existing database to move existing candidates and up sell your existing clients.
Not sure if this is right for you?
Ok, so you have clients in your database. You are on the PSL. The hard work is done. But you just don’t know when they are hiring, and your recruitment consultants are spending time with emails and calls.
But, what if we could create a process that automatically identifies when a client is likely to be looking. Deliver specific comms, generate the interest, and send it direct to your consultants inbox?
It’s time to schedule a consultancy call on the right.
You have a substantial database of candidates. But you don’t know much about them and you aren’t aware if and when they will be looking for a new role.
You need a way of communicating with this database to ensure these candidates arrive in your Recruitment Consultants inbox.
You need your CRM tool to have automated trigger points which your consultants can access to have instant access to candidates.
I find we spend most of our time talking about who we are and what we do. Our authority and reputation currently makes it hard to start conversations.
You have a database of clients and candidates. However, you are struggling to attract more candidates ad clients. A large part of your Recruitment Consultants time is spent business developing and not moving people to new jobs or being places on new PSL’s.
You want to free up your Recruitment Consultants time to focus on on placing candidates into new roles.