According to a Forrester Report, “Predictive Marketers are 2.9x more likely to report revenue growth at rates higher than the industry average.” Likewise, Salesforce Marketing Cloud found that 79% of top-performing marketing teams are using Predictive Intelligence to inform their marketing communication and strategy.
These findings corroborate the story we found in the data from our most recent Predictive Marketing Report, co-produced by Internet Retailer. The survey found that retailers who have invested in predictive marketing are, anecdotally, seeing increases across the board from sales, to engagement, and even inventory management. Retailers who are not running predictive marketing campaigns, are actively planning on leveraging predictive data in the coming year for key campaigns, such as:
- Predictive Replenishment Reminders
- Predictive Win-Back campaigns to prevent churn
- Predictive Gender segmentation & campaigns
- Dynamic product recommendations
- Predictive Gifting, B2B vs. B2C customers and more…
So, what are retailers trying to accomplish by using predictive marketing? 37% of retailers stated their top outcome was increasing sales and conversions, followed closely by increased retention, LTV, and engagement. As technology advances and personalization becomes the status quo, your standard retention campaigns, may not cut it. Retailers are turning to predictive marketing to give their retention campaigns a boost and get ahead of their competition. Similarly, consumers are becoming more and more savvy and crave a unique experience that acknowledges their individuality. No one wants to feel like just another cog in a wheel. Retailers who leverage retention and predictive best practices in their marketing efforts will continue to win in the industry.
The key to getting started with retention and predictive marketing campaigns is to be able to access your data. Retailers are sitting on a mountain of riches, and data is the key to maximizing your revenue. We have a robust partner system made up of eCommerce, email service providers, and independent platforms, as well as agencies that we work with to help retailers succeed and we’re excited to add FedEx to the mix. We’ve formed an alliance with FedEx to help eCommerce companies tackle their predictive marketing and customer retention needs. If you’re a FedEx client or potential client, we’d love to hear from you! Contact us at firstname.lastname@example.org to learn about special offers available to you.