To get the most out of your predictive marketing models, follow these 8 simple steps.
Predictive marketing models leverage robust data to help marketers optimize campaigns. These models rely on vigorous, up-to-date data from the web to forecast the likelihood of prospects becoming buyers.
Used correctly, predictive models are powerful, but incorrectly used they can be misleading. Here are some tips for the successful deployment of powerful marketing models in your organization:
- Model validation: Models need to be tested and validated for accuracy and for their predictive power in “real” market conditions. So verify that your model has been successfully deployed and tested with dozens of clients. Reliance on theoretical models that were merely back-tested on paper without real-world results will probably disappoint. Don’t put your money on a paper tiger.
- Optimization across the funnel: Optimize separately at every point of the funnel–from marketing campaign engagement to closing deals to lifetime value. Augmenting each point of the funnel will provide far more successful outcomes.
- Understand score drivers: Predictive models may be complex, but results should be clear and make sense. Never accept model results as a black box. Make sure you get reports with an unobstructed view of what’s driving your score so that you can perform “sanity checks” on your model.
- Full control over leads passed to sales: Ensure that you have the ability to determine the quality versus quantity of leads passed to sales to optimize ROI. Need more leads? Lower the score and pass more leads to sales. Too many leads? Pass less leads, but with higher likelihood to close.
- Step-by-step process: Deploy your model powerfully to achieve your goals. Apply best practices and expert reviews at any stage of the process to make sure you’re on target. While deploying as many models as possible is tempting, our experience shows that successful implementation of the first model leads to better adoption of predictive marketing in your organization.
- Training: Get proper training and customer support experts on building successful predictive marketing models.
- Sales-Marketing alignment support: Be a predictive marketing evangelist. If your sales team isn’t comprised of believers in the power of predictive marketing and how it can benefit them, the best models in the world may fail to get a positive ROI. Get as much support as you can to foster sales-marketing alignment.
- Engineering support: If you run into challenges with your models or their deployment, get help from data scientists that can resolve custom modeling challenges.
Predictive marketing models are the future of marketing. However, you must carefully deploy them in your organization to get the best results. These 8 best practices will boost the outcomes of your most important marketing investment.