Is Predictive Analytics The Answer to Elevating Retargeting Campaigns?

by Hit Your Mark | Jul 11, 2023 | Digital Marketing Articles

We all know the importance of data for marketing. After all, how can you measure the success of your campaigns and plan the next one without understanding what marketing strategies attracted your audience and which were less effective? Or how can you test for the best landing page unless you can see which one has the highest success rate?

Of course, this is only the tip of the iceberg when it comes to big data analytics and its power in marketing campaigns. One of the newest ways that big data is being used today for successful marketing is in predictive analytics and retargeting campaigns. These two concepts can seem convoluted at first, but when we put them together, their strengths help the whole picture make so much sense. So let’s dive in!

What are Retargeting Campaigns?

Let’s start with the campaign. A retargeting campaign, or remarketing campaign, is a campaign that aims to bring in users who used to be engaged with your business but aren’t anymore. Specifically, a good retargeting campaign will target those individuals who are more likely to convert again.

When you launch your retargeting campaign and its ads, it’s important to keep in mind a few retargeting basics. Using behavioral segmentation, you should match your ad type to the customer likely to respond well to it. If you’re looking to sell shoes and shirts, give customers who have a history of purchasing your shoes online the shoe ads, and customers who do the same with shirts the shirt ad. Of course, how do you know who’s who? This is where predictive analytics comes into clutch.

What is Predictive Analytics?

Predictive analytics is just what it sounds like–using your data and statistics on customers to predict their purchase behavior. But what data should you use? After all, there are so many categories of data with dozens of subcategories! Fortunately, there are only two key categories you need to look at: user data and product data. Let’s start with user data.

User data is all the data you collect during the customer journey, from their initial click to the shopping cart. This consumer data includes how users behave and gives you a deeper understanding of what appeals to whom.

Product data, however, is all about what you offer to your consumers. It’s about your products and everything you put on your website about them. From pictures to prices to everything else, your data can guide your business on what revenue to keep in stock and what to phase out.

It’s these two data sets that you’ll want to analyze to master predictive analytics, the practice of scrutinizing your data to predict future customer outcomes and purchase behavior. Predictive analytics done right can tell you what website visitors are the most valuable, what ad campaign to run, and so much more.

How Can You Use Predictive Analytics for Retargeting Campaigns?

So let’s talk about putting these two together to make marketing magic happen! The first thing you’ll want to do when planning your retargeting campaign with predictive analytics is evaluate the data.

You should analyze your data so that you can start employing methods like demographic segmentation and geographic segmentation. Once your users are segmented, you can begin understanding each group of consumers so you know exactly what they’re interested in and can place your ad bids well.

Now it’s time for the fun part: the numbers that get you to a retargeted ad. Once you’ve got your segmentation up and running, you’ll start collecting those numbers about your customer base. You’ll be able to see what kind of user data you have and what kind of product data you can work with.

This means that you can implement some big data tools to help you understand the data. Marketing software like Marketo, Tableau, GoodData, or other platforms lets you understand your numbers and draw conclusions from them.

For example, picture customer group X, current customers who are in the younger demographic. Through big data analysis, you learn that they often shop for products that are trendy and forward-thinking. You can then predict that they’ll be interested in these products in the future. So, when you run your next ad set, you’ll place a heavy bid on showing them ads for trendy pieces. Your predictive analytics just showed you how to keep those current customers in your industry and how to retarget other customers who’ve drifted from your company!

Can Predictive Analytics Enhance Your Facebook Retargeting Campaigns?

Facebook is one of the most popular places for online advertising. It’s easy to place ads, partner with influencers, and find your target audience. So how can predictive analytics help you with your Facebook retargeting campaign?

If you’re planning to launch a Facebook campaign, predictive analytics can help you cost-effectively navigate through all the potential customers and reach the ones that matter. Because predictive analytics lets you sift through data to predict who will do what next, you can use it to place ads that will only reach specific groups–the groups who will respond positively to your ad sets. With prices on the rise for businesses and sales, predictive analytics can help you lower your prices and still get the convenience that Facebook offers to marketers.

Is Predictive Analytics the Secret to Winning Back Website Visitors?

However, this marketing tool isn’t just for Facebook retargeting. It can be used to ensure excellent ad placement for all of your marketing messages. With well-placed ads, you can start boosting your conversion numbers and site visitors.

Predictive analytics is especially good for gaining new customers and reminding old ones of your company. It’s also good at selecting certain products to attract these consumers. This means you not only spend your money where you’ll get the most bang for the buck, but you also expand your customer base faster and easier. With a larger customer base, website traffic will go up and so will conversions. While there are many aspects to achieving and maintaining customer loyalty, predictive analytics is a key part of that mission.

Can Dynamic Remarketing Ads Benefit from the Power of Predictive Analytics?

One of the best tools you can use in your remarketing campaigns is dynamic ads. These ads adapt to your customers based on data from their past behavior. Of course, implementing this data from past behavior to predict future behavior is exactly what predictive analytics is. Specific data like this is just what companies running dynamic ads love to have.

In your retargeting campaigns, running a dynamic remarketing campaign lets you embrace predictive analytics in a very powerful way. Not only can you focus on bringing in new customers, but you can also begin to segment them based on past behavior.

How Can Predictive Analytics Elevate Your Overall Marketing Campaigns?

As we’ve seen, there are plenty of specialized benefits to using predictive analytics, but what’s the big picture? Your business likely needs an overall plan to target people and launch a successful plan, so let’s explore how predictive analytics fits not just the details but the whole picture too.

• By predicting customer behavior, you can boost online sales. Data that lets you understand what products people love and which ones they’ll pass over can help you create a stock that matches consumer interest.
• Because you can see who your customers are and what they like, you’ll be able to tell what customers will make those big purchases. These customers are great targeting options because they will give you the most bang for the buck. This can help you create a list of your priorities, giving you a place to start with your marketing.
• With predictive analytics’s ability to suggest future actions and process data, you can create “what-if” scenarios to estimate how much stock you’ll need for each product. For example, if your most popular product runs out, you can predict what the next one in line will be.
• If you’re looking to garner a loyal crowd of repeat customers, your new campaign using predictive analytics is just the way to do this! Based on who your customers are, analytics can suggest who’s likely to become a repeat customer. Voila, an audience of repeat customers you can consistently target with ad campaigns!

Predictive analytics makes it easy to find your audience and keep them. If you’re looking for ways that data can change your sales game and up your market, predictive analytics could have the answer for you! Because it helps build marketing strategies and sales plans, predictive analytics can help you plan the big picture for your business!

Use The Power of Predictive Analytics in Your Retargeting Campaigns Today!

Let boosting your sales become easy with predictive analytics! You can open new worlds of marketing and online business with this basic tool. Here at Hit Your Mark Media, we understand the importance of predicting your customers’ actions and evaluating your products. Let us help you in your journey toward increased website visitors and revenue. With our expertise in ad analytics and ad campaign development, you can be sure we’ll craft an advertising campaign perfectly suited to your retargeting goals that includes predictive analytics!

References:

1. https://www.clickz.com/how-to-apply-big-data-analytics-in-retargeting/36194/
2. https://alexgenovese.it/blog/creating-retargeting-campaigns-using-data-driven-marketing-strategy/
3. https://instapage.com/blog/what-is-predictive-analytics/
4. https://hityourmark.io/services/advertising/#adanalytics
5. https://support.google.com/analytics/answer/2611268?hl=en#zippy=%2Cin-this-articleCombine