What to Look For in a Predictive Marketing Software

Predictive Marketing Software

And ten predictive marketing software tools you’ll want to know.

Predictive marketing is the practice of using customer data and insights to create actionable predictions to achieve better results. Through machine learning and statistical modeling, you can easily understand and make predictive data-driven decisions.

When it comes to choosing a predictive marketing software, you’ll want to find one that can collect your data then move that data through a designated process that identifies patterns, makes predictions, and then acts on those predictions.

Predictive marketing takes a number of different technologies into consideration. Predictive analytics is just one of those and allows you to collect, analyze, and predict customer behaviors based on historical and real-time data. Image courtesy of Big Data Made Simple.

As more and more businesses move towards a customer-first mindset, predictive marketing is becoming an appealing marketing tool, but there are many things to consider before jumping right in.

In this article, we’ll take a look at the things you’ll want to look for in a predictive marketing software.

From ensuring it can read and understand your data to finding a tool that will then act on that data without manual intervention — it’s all covered here. By the time you’re done reading, you’ll know exactly what you’ll need to elevate your marketing experience and tap into the world of predictive marketing.

Here’s a sneak peek of what software capabilities we’ll discuss:

  • Data mining and understanding capabilities
  • Predictive Modeling and Algorithm Capabilities
  • Predictive Data-Driven Decision-Making Capabilities
  • Targeting and Personalization Capabilities

Here’s What You’ll Need From Your Predictive Marketing Software

There are many things you’ll want to consider when it comes to choosing predictive marketing software. Of course, there are the obvious things like cost and whether they have a solution for your company size or industry — but the most important things are around the capabilities of the tool.

That’s why we’ve compiled this list of things you’ll need from a predictive marketing software to create a successful strategy. Each of the elements discussed below works together to build a comprehensive experience and will allow you to make the most out of your investment.

While some considerations may vary from business to business or industry to industry — these are the things you need to set yourself up for high-performing, predictive marketing campaigns.

Data Mining and Understanding Capabilities

One of the first things you want to look for when it comes to predictive marketing software is the ability to mine your customer data while also understanding and learning what it is telling you. Now this one might be a no-brainer, but it’s important to discuss because if you choose a tool that cannot adequately read your data you could be wasting your time and money.

Data Mining

Think about all the data points you’re collecting from your customers every single day. Whether that’s information about what products they are browning on your website, how they’re interacting on your social media channels, or what emails they’ve opened in the last month — it’s all crucial to understanding their needs.

Data mining isn’t as simple as it might seem when you first look at it. There are many things to take into consideration to ensure you’re populating valuable, accurate results that can then be used to drive business growth. Image courtesy of Search SQL Server.

But if you have thousands or hundreds of thousands of customers, deciphering this data on your own would take an entire team to manage, and they still wouldn’t be able to compete with an analytics software.

Analytics software is designed to scan through data within a matter of minutes to identify patterns and correlations. Then they provide an output of this data to help you increase revenues, cut costs, improve customer relationships, and more.

This means you can do more with your time while the predictive marketing software pulls the data you need to make informed decisions that improve your customer experience.

Data Understanding

If you’re looking to leverage the full capabilities, then you’ll want to invest in a platform that does more than just mines your data. You want one that can understand and learn what the data is telling you.

This can be done through AI, machine learning, and predictive analytics.

With the backing of these advanced technologies, you will not only get an output of the data the system has processed but you can create personalized automated follow-up actions. Let’s quickly look at how each of these technologies can help improve your predictive marketing.

Finding a platform that is able to not only mine and understand your data, but also learn, predict, and analyze it will set you up for success in your predictive marketing journey.

Predictive Modeling and Algorithm Capabilities

The next thing you’ll want to look for in software is the ability to turn the data you’ve collected into data-driven models and algorithms. These are the things that really take a marketing platform from a simple automation tool to a predictive marketing powerhouse.

Let’s quickly look at these two predictive marketing elements to help you better understand why they’re so important for marketing strategy.

Predictive modeling

Predictive modeling is the idea of using statistical techniques to recognize patterns and trends within your historical customer data sets. From there, you’ll have algorithms applied to these insights to predict what outcomes or behaviors your customers will take next.

Predictive modeling is one of the most important elements when it comes to creating a successful predictive marketing strategy. You need to have the ability to collect, analyze, and understand customer data to develop accurate predictions. Image courtesy of Analytics Vidhya YouTube Channel.

This really is the backbone of any predictive marketing campaign. Without the ability to sort through your data sets and learn how your customers are interacting and engaging with your content, you’ll never be able to move towards a predictive mindset.

When done right, predictive modeling should consider both historical and real-time data. This will allow you to not only understand how customers have acted in the past, but it will also allow you to evolve your campaigns as the needs of your customers do.

Predictive Algorithms

Once you’ve developed a predictive model, your predictive algorithm will then turn that data into actionable insight. To keep your content relevant, you’ll likely have a number of different algorithms that are applied to each model based on the customer and situation.

While it may take time to get it right, putting these two tools together will allow you to better serve your customers and improve the accuracy of your predictions. Over time, you’ll find new ways to fine-tune each campaign to make the most out of your predictive marketing efforts.

Predictive Data-Driven Decision-Making Capabilities

If you’ve found a tool that can provide you with data mining, understanding, predictive modeling, and algorithms, the next thing to consider is if it can make data-driven decisions for you.

This means that the software has the ability to not only read customer data but also act on the data and continue to evolve as the customer does.

This goes back to the idea of using advanced technology like AI, machine learning, and predictive analytics to drive your predictive marketing strategy. Many of the tools you’ll find available today have some sort of workflow or campaign builder that can be integrated with your customer data.

There are many benefits that come with data-driven decision-making technology. From gaining a deeper understanding of valuable insights to predictive trends and acting on them — integrating data-driven decision-making capabilities will take your strategy to the next level. Image courtesy of Altis.

Some of the benefits of finding a tool that can make predictive data-driven decisions on its own include:

  • Removing guesswork and opinion from marketing decisions
  • Increase customer lifetime value and revenue based on predictive data-driven insights and automated segmentation
  • As customer behavior evolves, predict models automatically retain
  • Data visualization dashboards provide instant insights at glace

Having a tool that can learn and adjust what customers are receiving based on real-time data will save your teams time reevaluating segments and campaigns. It will improve customer satisfaction and provide them with the most relevant content based on their immediate and ever-changing needs.

A few examples of how this can be incorporated into your marketing strategy include:

  • Identifying when customers are at risk of churning based on inactivity and sending them a retention campaign
  • Pinpoint when someone is about to make a purchase and provide them with an incentive to seal the deal
  • Learn what products customers are interested in based on their browser history and send them predictive product recommendations

Using a tool that can understand your customers on a deeper level and identify what the most relevant next action should be will elevate your marketing strategy. It will improve the customer experience, all while decreasing the time and energy of your marketing teams. 

Targeting and Personalization Capabilities

Last but not least is having the ability to not only create automated, data-driven campaigns but also make each of those interactions targeted and personalized.

At this point, you probably realize that the whole idea of predictive marketing is to use real customer data to better understand their wants and needs. But having this data also offers you another great opportunity — to improve how you’re communicating with your audiences.

You can do this through better targeting and personalization. It’s important that you’re sending the most relevant content to each user and keeping their personal journey in mind as they continue to interact with your brand.

In fact, personalization is no longer just a nice to have. It’s something your customers expect from the brands they follow, but it also provides businesses with quite a few benefits as well.

Here are the top five benefits of personalization:

  • Increased visitor engagement
  • Improved customer experience
  • Improved brand perception
  • Increased conversion rates
  • Increased lead generation
  • Increased customer acquisition

If you’re not using all that data that your software system has mined, cleaned, and grouped for you to create individually targeted and personalized experiences — you’re doing it wrong. While it might seem like an overwhelming task to create personalized experiences for every customer on your list, it doesn’t have to be.

By choosing the right platform, you’ll have everything you need to accomplish this with ease. It all starts with data understanding and as you work through each process step your customer communications become more and more customized.

In the end, you’re left with an automated campaign that can adjust based on real-time customer interactions and integrate personalization into each touchpoint — all without having to intervene.

Predictive Marketing Software Tools That You Should Consider

Now that you know what you need to look for in a predictive marketing software, it’s time to start doing a little research and find the tool that is best for your business.

This can be the hard part because there are so many different options out there. Some are designed to help small businesses while others are focused more on providing enterprise-level services. Others break out their services based on specific industries such as retail, manufacturing, HR, and more.

It all comes down to what you need out of your predictive marketing tool. So as you read through the capabilities of each of these tools, make sure to keep your business goals in mind.

Each of the tools we’ll discuss here are great options and we’ll cover a variety of different solution types. Once you’re done reading through this list, you should have a good starting point to kick off your predictive marketing strategy.

Listrak

Listrak provides businesses with a predictive marketing platform that combines machine learning and statistical modeling to better leverage customer insights. This tool will allow you to anticipate customer responses, automate actions, and predict the future needs of your customers.

With the right data and predictive software, you can better understand who your customers are and begin to predict what their needs are. They will allow you to put the right content in front of them at the precise moment they need it, in turn, increasing engagement and conversions. Image courtesy of Listrak.

Here’s what this predictive marketing software can do for you:

  • Develop models that predict future customer behaviors and allow you to create automated actions based on this data
  • Increase customer lifetime value and overall revenue with the help of predictive data-driven insights and automated segmentation
  • Track and understand customer data and behavior to evolve with your customers in real-time
  • Tap into AI-based customer insights that allow you to create hyper-targeted messages to drive conversions and increase loyalty

Pricing: Pricing is customized and based on specific business needs, you need to speak with a Listrak representative to learn more about what options work best for you

Works well for: Businesses of all sizes, whether your a small start-up or enterprise business this tool can provide you with the insights you need

Qlik Sense

Qlik Sense is a data analytics platform that helps businesses across various industries and sizes to better understand their customers and put that data to use. By making it easy for everyone in your organization to tap into data insights, you can leverage predictive marketing across all touchpoints.

With the right data, the possibilities are endless. This predictive marketing platform allows you to capture and decipher customer data to create personalized and engaging experiences with your customers. Image courtesy of Qlik Sense.

Here’s what this predictive marketing software can do for you:

  • Data-driven strategic planning capabilities will allow you to make smarter, data-driven decisions
  • Better understand and engage with your customers during every stage of their customer journey
  • Provide analytics to every person in your organization to promote a customer-first mindset and improve every interaction
  • Use AI powered analytics with their Insight Advisor to gain access to insights and analyses, automate tasks, and more

Pricing: Pricing is customized and based on specific business needs, you need to speak with a Qlik Sense representative to learn more about what options work best for you

Works well for: Businesses across various sizes, industries, and functions

MATLAB

MATLAB is a programming and numeric computing platform that can help businesses analyze data, develop algorithms, and create models to better understand their customer base. From gathering and deciphering customer data to developing complex system-based programming — this tool does it all.

MATLAB puts the data you need to make more informed marketing decisions right in front of you. With prediction models, automated machine learning capabilities, statistical analysis, and more — you’ll be able to do more with the data you already have. Image courtesy of MATLAB.

Here’s what this predictive marketing software can do for you:

  • Tap into thousands of pre-built functions for statistical analysis, machine learning, and signal processing
  • Develop ideas, validate concepts, explore design alternatives, to create algorithms based on your customer insights
  • Use deep learning capabilities to decrease the time that is required to preprocess and label data sets, images, videos, and more
  • Machine learning technology that can perform both supervised and unsupervised learning capabilities

Pricing: Pricing is customized and based on specific business needs, you need to speak with a MATLAB representative to learn more about what options work best for you

Works well for: While any sized business can use this tool, it’s most often used by enterprise-sized businesses

DataRobot

DataRobot is an end-to-end enterprise AI platform that helps businesses to automate and accelerate the path from data to value. This tool can help you better serve your customers while also improving how your teams work together internally.

Having the right data and tools to read that data can make all the difference in your marketing strategy. Tapping into different models including AI and predictive analytics will help you to process more data, in a shorter period of time, to quickly improve your customer experience. Image courtesy of DataRobot.

Here’s what this predictive marketing software can do for you:

  • Machine learning capabilities that can help you predict complex human behaviors on an individual level to improve personalization
  • Continuously changing predictive models that take real-time customer data, actions, and behaviors into consideration
  • Set yourself up for continued growth by using a platform that can manage and process customer data quickly
  • Improve customer relationships by predicting and optimizing each interaction to improve the relevancy of every touchpoint

Pricing: Pricing is customized and based on specific business needs, you need to speak with a DataRobot representative to learn more about what options work best for you

Works well for: This tool has resources for business across all industries from recruitment to manufacturing and everything in between.

Alteryx

Alteryx is an analytics automation platform that can provide you with the tools you need to understand your customers on a more granular level, predict future needs and outcomes, and create high-performing campaigns. For marketers, this tool can easily integrate with Tableau to provide you with an analytics starter kit to guide anyone through the process.

From data input to predictions and AI integrations, the Alteryx software can help you process and understand customer data on a much more granular level. Doing it alone would never allow you to track insights in real-time and consistently change with your audiences. Image courtesy of Alteryx.

Here’s what this predictive marketing software can do for you:

  • Make the most out of your efforts with segmentation and customer profiling to target only those with the most potential
  • Improve campaigns by tapping into easy-to-use analytics such as response modeling and A/B testing
  • Understand your customer lifetime value data and use that to capitalize on customer spending habits with predictive analytics
  • Better understand how your campaigns are performing with reports and dashboards that provide you with a full campaign view

Pricing: There is a free trial option available, but pricing is customized and based on specific business needs, you need to speak with an Alteryx representative to learn more about what options work best for you

Works well for: This tool is a good resource for the business of all sizes and across various industries

RapidMiner

RapidMiner is a data science platform that is designed to help businesses drive revenue, reduce costs, and avoid risks. This predictive marketing software makes it simple for anyone to create analytical models that will continue to learn and predict future customer behaviors.

Create visual workflows that allow you to map out customer interactions and develop future actions based on their specific needs. With RapidMiner, this can be done quickly and easily to increase campaign efficiencies. Image courtesy of RapidMiner.

Here’s what this predictive marketing software can do for you:

  • Use machine learning to create models with their visual workflow designed and automated modeling tools
  • Integrate AI into your efforts to streamline decision-making through automation of data prep, modeling, scoring, and more
  • Create predictive analytics workflows with the RapidMiner Studio to easily develop predictive models
  • Connect the platform with any of your channels to leverage a full view of your customer data to improve your marketing efforts

Pricing: For enterprise-level businesses, pricing is customized based on business needs and you’ll need to speak with a RapidMiner representative. For individuals, the plans include the RapidMiner Go for $10 per month and the RapidMiner Studio Free.

Works well for: This tool is a good resource for the business of all sizes and has solutions for multiple different industries

Board

Board is a decision-making platform that is designed to help businesses analyze, simulate, plan, forecast, and so much more. While this tool may not be for every company, it’s able to help businesses focused on various industries from retail to oil and gas.

Having the right data can improve everything from business processes to the way sales and marketing work together. Board is a tool that can provide businesses with everything they need to bridge the gap and improve business strategies. Image courtesy of Board.

Here’s what this predictive marketing software can do for you:

  • Use historical sales insights to enhance future plans and analyses to increase sales and revenue
  • Increase visibility across sales and marketing with CRM integrations that help create transparency
  • Streamline processes with data-driven decision making and automation capabilities
  • Tap into predictive and advanced analytics technology that uses real insights and historical data

Pricing: Pricing is customized based on business needs and you’ll need to speak with a Board representative.

Works well for: This tool is a good resource for the business in the midsized to enterprise-level and across various industries

Anaconda

Anaconda is a software that was created by data scientists, for data scientists. While this might not be the right fit for every business, it’s a great option for larger businesses and teams to leverage better collaboration and data insights to improve everyday process flows.

Everything you need from a data science platform and more. This tool makes it easy for the data scientists in your company to connect and collaborate with other teams to make the most out of every campaign. Image courtesy of Anaconda.

Here’s what this predictive marketing software can do for you:

  • Scale machine learning pipeline to parallelize algorithms and speed up iteration cycles in the development stages
  • Open-source innovation that can keep up with the needs of your business and keep you running at optimal levels
  • Build and refine models with the assistance of various team members in a source-controlled environment
  • Use predictive analytics to predict things like customer churns, consumer demand, maintenance neds, and more

Pricing: Pricing options include the Commercial Edition starting at $14.95 per month, the Team Edition starting at $10,000, and the Enterprise Edition that is customized based on business needs

Works well for: This tool is designed with enterprise-level businesses in mind

OpenText Magellan

OpenText Magellan is an automation platform that can help businesses accelerate their predictive marketing with the data tools they need. From easily integrating content into business applications to creating personalized customer journeys, this software will help you excel in all areas of operation.

Having the right data tools in place can make all the difference for your business. From process improvement and better collaboration to better serving your customers — it all needs to be taken into consideration. Image courtesy of Pexels.

Here’s what this predictive marketing software can do for you:

  • Integrate content into critical business applications to save time and frustration
  • Adapt to customer expectations and changes throughout their entire journey to increase sales and engagement
  • Create personalized experiences that engage your customers with relevant content when they need it, across all devices
  • Improve text mining model accuracy with Composite AI

Pricing:  Pricing is customized based on business needs and you’ll need to speak with an OpenText Magellan representative.

Works well for: This tool is designed with enterprise-level businesses in mind

Find the Right Predictive Marketing Software for Your Business Needs Today

After reading this article, you should feel much more confident and know exactly what you need out of your predictive marketing software.

If the tool you’re using today or looking into doesn’t provide you with everything outlined here,  from simple data mining to advanced data-decision making and personalization capabilities, you’ll want to keep looking.

There are many options out there which means you don’t have to settle for software that isn’t meeting the needs of your business. Take the time to research your options and really understand what each tool can do for you.

In the end, you’ll have higher-performing marketing campaigns and improved business processes. All of these things will directly impact your bottom line through revenue increases and decreased operational costs. So what are you waiting for? Get out there and find the predictive marketing software that fits your needs and start moving your marketing strategy into the future