Once upon a time data was scattered or inexistent. And businesses had to make a lot of guesses about their target market. Things have now changed with the rise of predictive analytics – an advanced modeling technique that analyzes existing datasets to identify patterns and anticipate consumers’ needs. This, in turn, enables marketers to build personalized customer journeys to improve ROI.
This shift is particularly relevant for knowledge-intensive industries. Look at the B2C financial sector for example. According to Sirpa Norlund, Executive Director of the Mobey Forum, “There is a huge opportunity for banks with predictive analytics.” More and more transactions are conducted electronically, generating insights about buying behaviors and expected future purchases. That is a gold mine of information to exploit – especially when it comes to creating personalized customer experiences.
Leveraging the Power of Predictive Analytics for Content Experience
Brands have excellent reasons to move forward with personalization. They could skyrocket their marketing ROI by up to eight times alongside enjoying a 10% increase in sales. And they can also make consumers happy in the process – using predictive analytics to personalize customer journeys. Let’s illustrate this point with an example.
Imagine that you step in the shoes of a CMO and take a closer look at the shopping habits of a client:
Thomas just ordered a video console using your online transaction service. And that is a good indicator of what is relevant to him. Indeed, he will probably want to know more about upcoming titles and accessories. A good content strategy would thus be to keep him informed about new releases.
But that is only the beginning of the customer journey and what you can learn from him. A couple of weeks later he decides to purchase a few racing games and a multiplayer controller set. This tells you that he likes to play with his family or friends, and help you refine your approach even further.
Putting those findings together allows you to understand Thomas better as a consumer. And you can now provide him with targeted news, articles, and videos in line with his interests. However, manually addressing him and everybody else at such a personal level is time-consuming and expensive. So what could be a potential way to scale and execute an individualized content strategy?
Efficiently Delivering Personalized Experiences with Content Engagement Solutions
Content delivery platforms enable a busy marketing department to blend personalization and commerce in a two-step process. They can first integrate the different types of consumer data (i.e. behavioral, historical, social, transactional, etc.) necessary for predictive analysis.
This information then becomes the raw material to match the right content to the right audience automatically, feeding your sales pipeline and enhancing brand loyalty – to “leave customers satisfied and excited to return for more” in the words of Dan Arra, vice president and co-founder of a cloud software company.
Banks and insurance companies can count on Knexus to gather insights from any digital touchpoint and create individualized customer experiences – boosting engagements and accelerating sales. Learn more about the benefits of our platform now.