As the famous marketing statement supposedly said by the Philadelphia retailer John Wanamaker goes, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Had predictive AI been around, he wouldn’t have been uncertain.
Moving Beyond the “Spray and Pray” Marketing Strategy
Mr. Wanamaker is known as a pioneer in advertising. In 1874 he printed the first copyrighted advertisement. Their popularity helped drive the business, but they were broad and likely going to people who were not interested as well as those who were, hence the famous quote.
Nearly 150 years later, in 2022, companies across industries are leaning into the new way to advertising, using predictive analytics to execute to run hyper-targeted campaigns. For example, using Squark’s predictive analytics solution, UPMC (University of Pittsburgh Medical Center) went from adverting 10,000 people to just 75 to get a conversion for their medical service and added 50% more patients to their program. With a solution like Squark, Mr. Wanamaker would have known what wasn’t working and where to focus his considerable resources instead to drive results.
Knowing where not to spend time, money, and resources can be just as valuable and profit-driving as knowing what to do next to get that conversion.
Use Cases for Predictive Analytics AI to Uncover and Eliminate Ineffective Marketing:
Squark’s automated predictive analytics is a no-code solution that allows marketers to run their projects in just clicks to answer these questions and make decisions accordingly to hit their goals. Eliminate guessing, eliminate wasted spending, and drive results.
Takeaway: Automated predictive analytics can help marketers identify what is not working or performing ineffectively. Knowing where to cut to stop spending can lead to cost savings and increased conversion rates.
Tip: When presenting your case and the savings achieved or projected, be ready to explain how you will re-allocate those funds to high-performing campaigns so your budget doesn’t get cut for being efficient!
Squark is a no-code predictive analytics SaaS that automatically analyzes business data you work with every day to predict customer outcomes, uncover new and unforeseen business opportunities, and mitigate risk. It is a simple and easy-to-use AI software that doesn’t require data science nor technical expertise. In a matter of clicks, make confident, data-backed decisions about what your customers will do next and understand why to increase your business impact.