Predictive Marketing Set to Have Big Impact
July 17, 2017
Predictive Marketing involves using sophisticated algorithms and cloud-based computing to make smarter marketing decisions and deliver personalized content to users based on their browsing history, goal-based actions and demographic data.
According to eMarketer’s “Predictive Marketing Roundup,” nearly 70 percent of U.S. marketers said predictive was the primary technology they planned to use in 2017. In addition, roughly half of marketing and media executives surveyed in North America said they believe predictive analytics and modeling to be one of the most helpful technologies for getting more value out of data.
Though still relatively new, Predictive Marketing is making waves because a whole gamut of leading companies in a wide variety of verticals are beginning to share their success stories from this approach. In fact, IBM’s data & analytics team feels that ‘predictive analytics will steal the show at the NRF’s 2017 Big Show. Examples of brands exploring targeted campaigns and behavior-based marketing abound all around us.
For example, in this article, L'Oréal USA’s CMO shares how the realization that consumers are looking for more personalized digital experiences led to the launch of Makeup Genius, a mobile app that allows customers to virtually try on makeup before buying one or more products.
A Harvard Business Review case study shares how an NYC-based Harley Davidson dealership boosted its qualified lead collection from one per day to 40 by using creative advertising content to target ‘look-alike’ customers using AI-driven technology.
On similar lines, in a pilot program, Macy’s is tapping into an IBM AI-assisted app that provides personalized guidance on product location and inventory at ten physical stores.
In the next few years, when processing capabilities are expected to increase exponentially and better techniques will become more accessible to digital marketers, intelligent marketing will probably become the hub of customer engagement. It’ll have a large role to play in the events industry as well since there is a huge potential to deliver meaningful, personalized experiences to participants using machine learning and intelligent matchmaking.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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