Predictive Sales Analytics Tools
Predictive Sales Analytics Software Overview
What is Predictive Analytics?
Predictive analytics uses computer algorithms and statistical models to analyze large datasets to assess the likelihood of a set of potential outcomes. These models draw upon current, contextual, and historical data to predict the probability of future events.
As new information is made available, the system incorporates more data into the statistical model and updates its predictions accordingly. Throughout this process of machine learning (ML), the model gets “smarter” and predictions become increasingly accurate. However, these models are not infallible, and experience problems that many data scientists are familiar with - the biggest one being data limitations.
Predictive analytics has a number of applications for enhancing sales and marketing operations, including:
Optimizing lead scoring
Streamlining the sales cycle
Identifying upselling/cross-selling opportunities
Providing sales messaging and timing information
Currently, predictive software for the purpose of optimizing sales and marketing is referred to as predictive sales analytics, predictive marketing analytics, or predictive analytics. Although often classified as either a sales or marketing tool, its predictions are relevant to both teams. In order to be most effective, predictive sales analytics requires the alignment of sales and marketing.
Descriptive, predictive, and prescriptive sales analytics all fall under the umbrella of business analytics. When used together, they can provide sales and marketing teams with a complete analysis of a given situation - including recommended next steps.
Descriptive analytics help to describe, or visualize what story the data is currently telling: what has happened and what is happening now. Predictive analytics, as described above, uses this data to forecast future possibilities, and attach a probability to each likelihood. Prescriptive analytics ties the results of a predictive model to possible next steps. It weighs the likely effects and probabilities of different possible decisions in order to recommend a next best action. Many analysts, vendors, and experts see prescriptive analytics as the future of sales and marketing.
Predictive Analytics for B2C and B2B Sales
Some B2C companies are already using predictive and prescriptive analytics technologies, for example, Amazon and Netflix recommendation engines. However, these capabilities are just starting to enter the B2B software space. Sophisticated predictive sales models consider a range of data including:
real-time data feeds
big data from the web
3rd party databases
For both B2C and B2B predictive analytics, this includes demographic and behavioral information about customers and prospects. B2B sales solutions also incorporate firmographic data, or account-level web activity referred to as intent data.
Predictive Sales Analytics Features & Capabilities
Predictive Lead Scoring
One of the major use cases for predictive sales analytics is predictive lead scoring. Predictive lead scoring identifies trends in the customer journey, and uses these trends to predict how far along a lead is in the pipeline. This allows sales teams to qualify and prioritize opportunities based on which leads are most likely to close. It also helps marketing teams identify leads that need to be nurtured, and facilitates lead segmentation into different nurture campaigns.
Predictive models may surface the lead scores themselves, or they may function as behind-the-scenes logic, prioritizing or qualifying leads for sales. Often predictive sales analytics software will integrate into lead management, marketing automation, or other sales tools.
Predictive sales analytics is related to sales forecasting software, and is used to eliminate human error in sales forecasting. Traditionally, sales teams have relied on a salesperson’s intuition, or simple forecasting models, to predict expected revenue and bookings over a period of time.
Alternatively, predictive forecasts provide an intelligent estimate of quarterly or yearly sales based on current and historical sales performance.
Ideal Customer Profile (ICP)
Predictive sales analytics can also be used for demand generation, lead nurturing, and upselling within the company’s customer base. Some predictive models produce an ideal customer profile (ICP), or set of ICPs for different products or campaigns. These profiles identify target customers for individual offerings, or which types of customers will respond best to certain messages. This allows marketers to target prospects more effectively and take advantage of upselling opportunities.
Predictive sales analytics tools can also help predict customer attrition based on satisfaction, usage, and historical trends among other customers. By alerting account managers ahead of time to potentially at-risk customers, this software can help with customer relationship management.
Key Benefits of Using Predictive Sales Analytics
Better alignment of marketing and sales teams
Strategic lead flow/lead management
Increased efficiency and productivity of the sales cycle
More accurate sales forecasts and predictions of future revenue
More relevant, better-timed messaging
Customer relationship management risk detection
Better customer experience
The most predictive analytics sales software is priced on a monthly subscription basis. Less expensive plans with a basic set of features can range between $10-$50 a month. The more expensive option can cost a few hundred dollars a month, depending on the number of features selected.
Predictive Sales Analytics Products
InsideSales.com Predictive Playbooks aims to help SDRs and AEs quickly build closeable pipeline, by helping salespeople get a hold of more of the right people. InsideSales.com uses their A.I.-platform called Neuralytics to target likely buyers combined with their cadence engine to help sales reps...
InsideSales.com provides a sales acceleration platform that is built on Neuralytics, a predictive and prescriptive self-learning engine that drives revenue growth by delivering an optimized experience for both the salesperson and buyer.
C9 Predictive Sales products are now supported by InsideSales.com since the May, 2015 acquisition.
Lattice salesPRISM enables sales forces to better prioritize leads based on their likelihood to buy. It assembles a complete 360 degree view of prospects with rich information from the Lattice Data Cloud. It then delivers intelligent, dynamic sales plays to reps that explain what products a lead is...
6sense is a predictive intelligence solution for sales and marketing. This tool is designed to uncover prospects at every stage of the sales funnel. It also determines which current prospects are ready to buy a company’s product.
Radius offers predictive sales analytics and lead scoring, as well as a customer data platform It helps businesses gather insights, create customer segments, and deploy campaigns.
Infer is a predictive intelligence lead scoring platform with pre-built integrations to Salesforce, Eloqua, and Marketo.
Fliptop was a predictive analytics application combining public web data with internal CRM and marketing data to score leads, identify target companies and trigger marketing actions. Fliptop was acquired by LinkedIn in 2015 and integrated with LinkedIn products. Fliptop is no longer available as a...
Leadspace is a software as a service (SaaS) company that finds leads in social media, contact databases and customer relationship management systems by comparing people's online presence to a vendor's unique ideal buyer profiles. Leadspace is used by inside sales teams for finding new prospects,...
Lattice Engines' Predictive Lead Scoring blends the contact profile and behavioral information from your Marketing Automation system with thousands of additional attributes that could contain hidden buying signals. Whether it’s the Web, internal data, or third party sources, Predictive Lead Scoring...
Mintigo is a Predictive Sales Analytics Platform that monitors the total universe of prospects, looking for the messages that will resonate. By targeting business needs & interests, marketers break through the noise to generate more leads.
Traditional sales prospecting is inefficient and tiring. Vainu aims to fix it by transforming disorganized open and big data into insightful leads. Vainu is a sales intelligence, prospecting and account insights platform which aims to help users discover actionable account insights, identify...
Zilliant provides AI-enriched SaaS solutions that aim to maximize the lifetime value of B2B customer relationships. Expanding the economic value of existing customers is the most reliable, predictable and actionable way for B2B companies to grow revenues and enhance margins. The Zilliant IQ...
MRP Prelytix is a predictive analytics platform for sales and marketing, designed to aid in new customer acquisition and facilitate a company's ABM strategy. The vendor, MRP, provides a range of data science and demand generation services to assist companies with inputting the correct data into...
NAVIK SalesAI applies artificial intelligence to provide predictive data on buyers, with the goal of identifying the most promising prospects and aligning purchaser needs with products, offers and messaging.
SalesChoice Predictive Analytics Insight Engine helps users create powerful dashboards designed to allow them to manage sales more efficiently. SalesChoice predictive analytics measure lead sources against outcomes, which the vendor says helps in not only budget planning but also to get immediate...
The Big Willow, headquartered in Connecticut, offers a suite of preditive sales analytics applications, providing intent-based programmatic advertising (Intent-Seed), lead recommendations (Intent-Canopy), prospect discovery based on analysis of characteristics (Intent-Root), and other sales...
BrightTarget is a predictive sales analytics platform now owned and supported by French company Sidetrade since the November 2016 acquisition.