5 Tools Businesses Can Use for Predictive Analytics
Consumers are creatures of habit, and the behaviors they demonstrate today will oftentimes indicate the actions they’ll take tomorrow. A number of hyperlocal vendors are helping businesses create customer profiles based on in-store activities, purchase histories, and demographics. Now, predictive analytics tools are finally putting these customer profiles to use.
Predictive analytics tools give merchants a way to predict how their customers, and potential customers, will react to certain promotions and where they’re likely to drop out of the purchase funnel based on historical data and real-time campaign insights. This information allows businesses to reconsider their offers and messages, based on which campaigns are most likely to result in actual sales. Here are five platforms that businesses can use for predictive analytics.
1. TIBCO Spotfire: Learn from your company’s collective experience.
By using TIBCO Spotfire’s self-service predictive analytics tools, marketers can dig deeper into the data they’ve already collected and ultimately become more confident in their business decisions. The vendor provides companies with tools to anticipate emerging customer trends and information about which preemptive actions could help minimize risk. Sales teams can pinpoint underutilized customer segments, and they can create custom messages and promotions based on demographics. The results of these promotions can then be analyzed based on conversions or response rates. Spotfire offers a free trial and variable pricing.
2. Toovio: Use predictive modeling to facilitate customer offers in real-time.
Rather than asking marketers to analyze their own customer data, Toovio relies on a self-learning prediction algorithm to turn its clients’ data into custom reports that show what is and isn’t working from each campaign. Toovio leverages predictive modeling and analytics to help merchants predict their customers’ shopping patterns and improve conversion rates on digital promotions. Toovio also offers custom segmentation based on spending or usage behavior. Toovio’s pricing is based on the number of profiles needed to be created and the average decisions per day, generally ranging from “a few thousand dollars a month to tens of thousands of dollars per month.”
3. ElementOne: Identify your best audience with precision.
Neustar’s marketing analytics platform, ElementOne, leverages tools like predictive segmentation, strategic market planning, geographic market analysis, and messaging to help business clients identify and reach their target audiences. Using the “identifiers” that businesses collect — usually a mailing address, phone number, or email address — ElementOne can pull out real-time, interactive insights meant to shed light on how those customers will react at certain conversion points. Businesses can segment their audiences based on “predicted behavior at the household level.” ElementOne pricing depends on the level of services provided and how customized the services are based on the client’s needs.
4. MyCityWay: Deliver personalized mobile experiences and relevant targeting.
MyCityWay provides global and local brands with an “intelligent local search and discovery platform” that can be used to build and launch their own branded mobile apps to generate referrals and loyalty promote. The company does this through a combination of user intent, location, relevant timing, profiling, and social graph. These features are useful for enabling predictive analytics, targeting, and unique segmentation. MyCityWay also offers businesses a suite of mobile marketing tools. Pricing for MyCityWay varies based on the type of small business and the level of customization needed.
5. Lattice: Use data to find sales-ready leads.
Lattice provides insight to help companies sell and market more intelligently. Businesses can quit guessing which leads are most likely to convert by utilizing Lattice’s predictive analytics tools. Lattice sifts through large quantities of data to determine customer intent, and then delivers its findings in the form of real-time data. “Predictive Lead Scoring” takes customer behavior and contact profile information into account, along with “thousands of additional attributes,” and looks for buying patterns that companies can capitalize on. Lattice pinpoints specific talking points that salespeople can use when interacting with customers, along with any cross-selling opportunities. Pricing for Lattice is based on the number of sales users, number of modeling users, use-cases, and data volumes.
Know of other tools that businesses can use for predictive analytics? Leave a description in the comments.
Stephanie Miles is an associate editor at Street Fight.