Propensity Scoring: Predicting the outcomes of your marketing…… before you spend a dime!
You asked, we listened, we built, and we shipped! Marketers have been asking for a way to predict the best audiences for their marketing efforts for as long as I can remember. “If only we knew likely outcomes before hand, we could make more informed decisions about where our marketing dollars will be the most effective”. Flash bulb goes off, smoke cloud rises and propensity scoring enters stage left.
Thursday night Adobe Analytics answered that request. Within Data Workbench, marketers now have a way to predict outcomes for marketing events. With our newest member of the Predictive Analytics all star team of features, Propensity Scoring takes center stage this week flanked by its predecessors Clustering and Correlation.
What is Propensity Scoring and what does it do? Well let me tell you so we are crystal clear. Propensity Scoring will not make you a ham sandwich, it will not get you out of speeding tickets and it cannot solve your legacy snooze button related addiction. What propensity scoring will do is give you the ability to identify high-value audiences which have the highest likelihood of specific actions such as conversion, email opens and responses, convert in store after an online session or even those who are most likely to pick up the phone and ring you up. Check out the release notes!
Marketers now have a way to identify the best candidates for their efforts and make more informed marketing purchase decisions. What would you do if you could predict between two email campaign proposals the one which was likely to have the highest response and conversion rate? The implications are broad and go across channels of data to be leveraged wherever your customers are engaging with you brand. This is huge, this is the way forward and over the last 3 months we have come out and said with our software “We will deliver the very best solutions to help you maximize the effectiveness of your marketing efforts”. 2013 is the year of Data Workbench and for Adobe that means we are squarely focused on building the best and putting those tools in your hands.