A predictive score shows the probability any given individual will take a specific action. What that action is can vary: you can create a predictive score to show how likely someone is to transact, to commit fraud, to donate to a cause, to cancel membership, to become a brand advocate, and more. Companies can also create their own custom predictive scores to answer almost any business question imaginable (e.g. What color of my product is this person most likely to purchase?). While the math and data science that goes into predictive scoring is somewhat complex, the scores themselves are very easy to interpret. This is because a predictive score can be built to take into consideration many different factors at once but gives back a single output—the propensity of someone to act in a certain way.
When it comes to digital marketing, a predictive score is a way of ranking prospects to ensure that you get high quality leads—whether you're scoring an existing list of them or building a new audience of prospects. Versium REACH uses advanced matching technologies and machine learning to look for patterns in lead profiles and behavior, and then uses predictive scoring to rank how well a prospect matches leads in your look-alike input list or persona definition. It then creates an audience of prospects that are strong matches.
Versium REACH audiences created using predictive scores offer more successful marketing and performance by helping identify the customers who are most likely to respond to your sales and marketing initiatives. This can help your business:
- Acquire new prospects and customers
- Retain customers
- Grow current customer relationships
- Improve customer loyalty
- Increase customer value
- Compete more effectively
- Save your marketing dollars
- Drive more revenue through more efficient marketing