Lattice Engines Launches Predictive Maturity Model
Lattice Engines, Launches Predictive Maturity Model to help companies create a predictive marketing organization. The model helps marketing executives identify their current state of predictive capabilities, and outlines the steps needed to create a predictive marketing organization.
“Marketers are confused about what predictive marketing is, and what value it truly adds to organizations,” said Shashi Upadhyay, CEO of Lattice Engines. “This model is intended to help marketers understand that true predictive marketing is more than a singular technology or model, it’s an organizational approach wherein the entire marketing team is utilizing data-driven insights to guide their programs and campaigns. The most successful marketers in the world are building predictive marketing organizations that improve conversion rates, velocity of deals, and deal size – ultimately increasing revenues for their company.”
The five stages identified in the model are:
- Stage 0 – Traditional Marketing Organization: Data and technology exist, but there is no control or plan, nor reasoning around usage. Process and departmental alignments are non-existent.
- Stage 1 – Reactive Marketing Organization: There is a growing respect for data and analysis. The tools for predictability are beginning to take shape, but it is still early days and there is still much to learn and build.
- Stage 2 – Analytical Marketing Organization: Marketing has a clear vision for creating predictability. Tracking and analyzing past events have been mastered, energy is being focused on building predictive layers through technology and other advanced analysis.
- Stage 3 – Modern Marketing Organization: Marketing is executing on and building several layers of predictability within the organization. The effects of predictive marketing can be seen across multiple stages of the funnel and is a main decision-making factor in any technology purchase.
- Stage 4 – Predictive Marketing Organization: Every team within marketing contributes to the organization’s predictability. This ability has made marketing one of the most important and respected departments in the company. Predictive activities and layers are the backbone of the entire department.
Following the steps outlined in the model will take time, and the path may vary for different organizations. However, with the guidance from this report, marketers can define the path their team will take, leading to steady and transformative progress toward becoming a data driven, predictive marketing organization.