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Using Data to Predict the Next Purchase

An important part of developing a strong marketing strategy is being able to anticipate customers’ wants, needs, and behaviors. One of the ways companies do this is by using what’s known as predictive analytics.

What Is Predictive Analytics?

Predictive analytics is an area of data analysis that uses past data to make predictions about future events or trends. First, data is collected, analyzed, and evaluated in order to develop a predictive marketing attribution model. Then, that model can be trained on the previous data to make informed, accurate predictions.

In marketing, predictive analytics can be used with customer data to anticipate consumer behavior. Marketers can then adjust their campaigns and overall strategy to take advantage of those trends and predictions.

Examples of how this information can be used in marketing include:

  • Identifying purchasing trends and determining what items are likely to be hot sellers
  • Recommending products to customers based on past purchases and behaviors
  • Identifying customers who may be likely to stop using their product or service, then targeting them with offers to retain them
  • Determining which leads are most likely to convert into paying customers
  • Segmenting customers into clear demographics, to be targeted with specific campaigns for better engagement and conversion
  • Improving customer journey mapping along the marketing funnel
  • Identifying where leads have been lost or missed, allowing for better retargeting and/or remarketing campaigns

Predictive analytics is also used in a variety of other industries, including healthcare, finance, manufacturing, and more. A clinic may use it to identify patients at high risk of developing certain diseases, while a bank might use it to predict which customers may be more likely to default on a loan. In manufacturing, it may be used to optimize production schedules or identify potential issues before they occur, improving quality control.

No matter what industry it’s used in, predictive analytics enables businesses to make informed decisions backed by strong data.

AdBeacon Makes Predictive Analytics Simple and Efficient

AdBeacon is a powerful tool for businesses looking to track and study how their customers engage with them. AdBeacon tracks information about customer activity on Facebook and other platforms, like how often they click on ads and how much time is spent on a certain touchpoint.

Marketers can analyze the data AdBeacon collects to identify notable patterns and trends along the customer journey. Using these patterns, businesses can predict the kinds of decisions and purchases consumers will make in the future. Plus, real-time updates and notifications allow marketers to react quickly to changes and reach the right people at the right time.

Key Data Points That Help to Predict Consumer Behavior

Consumer behavior is influenced by a wide variety of factors, but certain types of data are better predictors of future activity than others. Analyzing these key details can help businesses develop a strong attribution model and make more data-driven decisions.

Here are some key types of data and the kinds of insights AdBeacon can provide for each:

  • First-party data collected by the company, including purchases, website clicks, mobile app usage, email subscriptions, and survey responses. AdBeacon can display and use this information to create valuable predictive models.
  • The geographic locations of customers. With AdBeacon, marketers can identify regional trends and consider how local context will affect customers’ needs.
  • Other demographic information, such as age, gender, income, marital status, etc. AdBeacon analysis can help marketers predict the behaviors of different segments, allowing them to create accurate buyer personas and target the right people.
  • The weather conditions in customers’ locations when they make purchases or engage with the site. AdBeacon can help highlight related trends, like increases in online shopping during poor weather. 
  • Real-time data about what customers are actively doing. With live information from AdBeacon, marketers can make in-the-moment decisions on where, how, and when to target different customers.

Get Started With AdBeacon Today

AdBeacon’s in-depth marketing attribution tools make it easy to understand and utilize your company’s data to the fullest. Schedule a platform demo today to see for yourself how it can help improve your company’s digital marketing attribution and maximize your return on investment.