Businesses and schools of all levels and sizes spend a lot of time and money to attract customers and students. The cost to acquire a new customer or student is usually 5+ times greater than it is to retain them. One of the many ways to find new customers or students is to purchase a list of names and start marketing to everyone on the list. The marketing strategies can be simple and inexpensive emails, very costly glossy brochures, phone calls or a combination of those and others.
Understanding which of your prospects have a medium to high probability of turning into a customer or student is critical to reaching sales and enrollment goals– while maximizing revenue and not exceeding your marketing budget. This is where predictive intelligence becomes vital.
By combining your historical data with critical external data sources that are applicable to your type of customer will provide you with insight into your customers’ traits and characteristics. This will enable you to target your marketing to the right prospects: the ones with the highest likelihood to become a customer.
Before you start marketing or making sales calls, it is important that you identify the trends and patterns of behavior that indicate a prospect’s willingness to buy. Utilizing the intelligence gained with predictive and then prescriptive data-driven approaches will lead to the right-fit customers or students who are also less likely to go elsewhere.
The concept of connecting data to action is crucial for an organization to understand their prospects behavior, anticipate decisions based on data-driven predictions and gain new insights to consistently meet sales and revenue targets.
Contact us at sales@Othot.com to learn more about how predictive analysis can lead to intelligent data and powerful prescriptive insight.
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