Get a demo Do I subscribe? News sign-up
Print

Predictive marketing a 'must have'

News, 13 October 2015

NEW YORK: The best marketers are becoming increasingly adept in their use of data and are finding ways to make their messages ever more relevant, and even anticipate what consumers want, an industry figure has said.

"Predictive marketing on mobile is more than ready for prime time – in fact, it is a 'must have' for brands today," according to Lars Albright, CEO and co-founder of consumer relationship specialist SessionM.

He told Luxury Daily that, by integrating profile data and observed behaviour, brands are now able to develop a more complete picture of consumers and so "make more relevant, personalised and contextual offers to them".

Developments such as Apple's iOS 9 update, where Siri can suggest contacts and apps based on usage patterns, the time of day and location, show how the trend is advancing.

"The opportunity and challenge are actually one and the same: the ability to deliver a message to a consumer at the moment in time that is relevant is extremely powerful," Albright said.

"However, that means that brands must become far more nimble in their ability to develop messaging relevant to a wider array of consumer segments faster than ever before," he added.

An example is the use of location data. "There is a tremendous opportunity to create better, more impactful conversations with your audience – simply by reaching out when they're most receptive and planning a shopping trip," explained Todd Dipaola, CEO of inMarket, a beacon marketing platform.

"By focusing on people 'when they're due' for shopping trips, we can eliminate the marketing dollars wasted on people who aren't receptive to messaging," he said.

Timing and offer are clearly vital components of successful predictive marketing, but Albright also highlighted value exchange as a factor.

"In exchange for the data they'll be mining, companies have to offer fair exchange in value – exclusive inventory, discounts, advanced sales and so forth," he said.

Data sourced from Luxury Daily; additional content by Warc staff