New Study Reveals Potential for Increased Investment in Predictive Analytics Technology
Lattice Engines today unveiled new data from a study entitled, “The Predictive Journey: 2015 Survey on Predictive Marketing Strategies,” which found that while 86% of executives experienced positive return on investment from predictive analytics technology, only 13% of companies using predictive consider themselves to be highly advanced with the technology. Lattice also just released a new Maturity Model with actionable steps for CMOs turn their traditional marketing organization into a predictive marketing organization. Lattice’s Maturity Model will help teams leverage big data and streamline the marketing process to better predict who is most likely to buy and when, saving valuable time and resources, while driving revenue growth.
While it is clear that predictive analytics is on most marketing agendas, the journey has only begun. More than 80 percent of marketing leaders intend to ramp up spending on marketing technologies and initiatives over the next year. This shift in focus is largely attributed to the growing understanding that data-driven decision-making helps identify future customers, current customers to cross-sell or upsell, and the propensity of customers to buy certain products or services.
“Marketing teams are increasingly making the shift towards predictive marketing, but there is tremendous potential for teams to better understand how to harvest the most relevant data points and turn them into actionable insights,” says Lattice CEO Shashi Upadhyay. “With more and more of the buying process happening online, it is critical that every marketing team is one step ahead of consumers and able to close a deal at the exact moment a potential customer is most likely to buy. The impact of this foresight is clear—Lattice customers see 40 percent higher conversation rates and 300 percent larger deal sizes.”
“Predictive marketing is rapidly becoming essential to data-driven organizations,” says Forbes Insights’ Bruce Rogers, chief insights officer and head of Forbes Media’s CMO Practice. “Businesses need to close the gaps among sales, marketing, operations and other departments that are made worse by siloed data and systems.”
The study revealed huge growth potential for the predictive marketing space. Top findings from the study include:
Methodology
Response base: 308 responses were received; all represented companies with $20 million in annual revenues or greater—30 percent report revenues exceeding $1 billion. The majority are chief marketing officers of enterprises, or vice presidents or directors of business units. Executives surveyed represent a range of industries, led by industrial goods manufacturing, media, technology software and systems and financial services.
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