Predictive analytics tools play a critical role in transforming businesses across every industry. Along with that, they use past data to identify future outcomes.
In other words, predictive analytics answers all the questions salespeople can’t.
Who are the best customers? What do they want? How should we sell to them?
Here are the top predictive analytic tools that companies across the globe are using to boost sales.
3 Predictive Analytics Tools to Increase Sales
Predicting Lead Scoring
Sales teams are able to target which prospects are most likely to buy products or have potential lifetime value by using past data.
How does it work?
It all starts with an algorithm. An algorithm comes up with a formula that automatically generates a list of leads. For example, the algorithm looks at what customers have in common as well as what the unclosed leads have in common to generate lists.
By narrowing down customers for you, predictive lead scoring helps your sales team focus on what is important; making the sales.
Predicting Customer Behaviors
Predictive analytics is used, by companies, to forecast customer’s future behaviors.
Companies use past purchases to predict what customers like, how customers might respond to future offerings, and how to keep customers loyal.
With that said, companies can target their prospects with marketing campaigns based on the predictive analytics results.
Furthermore, it is crucial to analyze consumer behavior to get insight, attract and engage potential customers, and improve customer retention.
Predicting the Right Price with Predictive Analytics
There is more thought that goes into pricing products than you might think.
If the price is too high you can lose your prospects but, if the price is too low you won’t make a profit.
A few aspects that might be considered for pricing are:
For example, depending on the product, an increase or decrease in price might affect the demand of the product being sold.
Also, your competitor’s pricing has to be taken into consideration.
Furthermore, predictive analytics helps companies identify where the right price range lands so both the buyer and seller are satisfied.
Where would the business world be without predictive analytics?
In today's economy, it's these predictive tools that are a huge part of what makes sales organizations so informed.
If you have any questions or comments regarding predictive analytics, please feel free to comment below!