Predictive intelligence is a powerful tool for marketing and sales. And it is changing the way these departments work and make decisions. By automatically analyzing a wide variety of data, predictions can be made about the behavior and propensity of potential and existing customers. This knowledge allows you to use your marketing and sales resources much more effectively and efficiently than in the past. No wonder, then, that more and more decision-makers want to use predictive intelligence solutions for various applications in marketing and sales. However, with the growing diversity of providers on the market, it is important to identify the ideal solution for your company beforehand. We have summarized some questions that you should ask yourself when making your decision in order to get closer to your ideal solution.
Question 1: What do I have and what do I want to achieve?
The most important question is for what purpose you want to use predictive intelligence in your company and how you can integrate the solution into your internal workflow. You should formulate this clearly in advance. So it’s about finding out whether the features, complexity and connectivity of each solution are right for your business. What kind of predictive analytics can you do with it? Is the software easy for any marketing or sales person to use, or do you need a specialist? Is it compatible with the other systems and solutions used in your department and does it provide the appropriate interfaces – for example to your CRM system?
Question 2: Does the service provider know my challenges?
Solutions for predictive analytics include complex algorithms and machine learning models. But in order that these models actually end up helping you make predictions that add significant value to your marketing and sales, the provider of your predictive intelligence solution needs to understand not only data science, but also how your business works. After all, you only get something out of it if the algorithm also knows which data and signals it has to evaluate for you and how. Talk to the providers you are interested in about your specific use cases, have case studies of similar companies shown to you and make sure that the provider has a deep understanding of the specific challenges his solution can and should solve in your daily work.
Question 3: Is the analysis transparent?
Please don’t misunderstand: You should not be trained as a specialist for data science. However, in order to have sufficient confidence in the results of the evaluation of your predictive intelligence, there must be a certain transparency regarding the sources of the data and signals. So that you can assess the quality of the analyses, the provider should be able to make it sufficiently clear to you which signals are used for your predictive analytics. In the best case, you can even trace the respective sources directly. In this blog post we have recently described how transparency in the use case of predictive lead scoring is created.
Question 4: Does the solution develop with my company?
Scalability is a critical factor in selecting almost any software for your business. Does the solution still work for you as your business grows and evolves? And is the solution itself continuously adapted to react to new developments? Choose a dynamic, living system. Otherwise there is a good chance that you will soon be back in this kind of selection process. Because you have to look around for a new predictive intelligence solution.
The best predictive analytics solution for your business is the one that brings you the most value. It doesn’t necessarily have to be the one with the largest team, the most interfaces or the broadest user base. But those with the best fit to your business model and the workflow in your marketing or sales department.