In an everchanging world of advancing technological capabilities, specifically in the field of marketing, Google’s machine learning models through Google Analytics are gaining ground in the ability to predict the future actions of consumers. Google has developed two new predictive capabilities coined as ‘Purchase Probability’ and ‘Churn Probability’, both of which are designed to assist business owners in customer base growth by way of Google Ads. This is done through the tracking of data that essentially estimates the potential for loyal consumers. Such advancements can get rather difficult to fully understand without getting lost in the intricate details and lengthy terminology, which is why JSK Marketing is here to tell you everything you need to know about what Google Analytics has been up to and what it could mean for the future of marketing.
The new predictive capability of Purchase Probability is intended to be utilized to tell how likely it will be for users who have already visited your app or website to purchase something in the seven days following their visit. Through their Audience Builder application, Google Analytics allows you to create new ‘predictive audiences’ such as ‘Likely 7-day purchasers’, which can be used to measure Purchase Probability. Prior to these new capabilities, finding your audience of consumers who are most likely to purchase involved identifying your audience as those who had added products to their shopping cart but either didn’t end up purchasing or abandoned their cart. These consumers might be likely to come back, but you end up overlooking any potential users who haven’t made a purchase yet. Such users are the very ones who could end up making a purchase down the road, all of whom are not taken into consideration at all without the ability of Google Analytics’ new predictive capabilities. Additionally, Purchase Probability can now instantly zero in on which specific actions on your website or app are the most likely to result in a sale.
On the flipside of Purchase Probability, Churn Probability tells the likelihood of users who frequently visit your app or website to not visit either again in the seven days following their latest visit. This predictive capability practically applies the same concept as Purchase Probability to further advance your audience selection yet from the opposite perspective, thus covering both ends of the track. Furthermore, Churn Probability serves the same purpose where you can suggest an audience such as ‘Likely 7-day churning users’ to measure the likelihood of your users who consistently visit your app or website to not visit again for the following seven days. Both probabilities allow you to construct your specific audience of consumers who have been previously skipped over and target them directly with Google Ads that can track the likelihood of their return.
Revolutionary Audience Analysis
Not only will you be able to construct these unique personalized audiences for your campaigns, you will also be able to utilize new innovative tools that drive your data analysis process further. The Analysis module, a component of Google Analytics, can be used to rotate between various available analysis techniques from data you can move on and off of a canvas you create and then send your findings directly to Google Analytics in order to utilize the predictive capabilities while continuing to measure your data. One such technique being the ‘User Lifetime’ technique that allows you to see precisely which of your marketing campaigns produced the highest Purchase Probabilities, which you can then direct more funding towards.
The App + Web Properties Beta
These predictive capabilities will soon be available within the upcoming App + Web properties beta that Google will be launching. This beta program combines your analysis of your website data with your analysis of your app’s data into one property in addition to your Google Analytics properties. The beta will also be of great assistance in discovering how to best distribute the budget of your marketing plan. The properties within the beta will be able to measure both Purchase and Churn Probability through two different potential avenues. The first being that purchase events, such as when a user adds something to their wish list, adds their shipping or payment info, begins checkout, or requests a refund will all be already implemented into the beta for analysis. The second being that specific thresholds being met will trigger an automatic measuring of your user’s in-app purchases.
We encourage you to get started on creating your App + Web property so you can take advantage of these new predictive capabilities as soon as the beta drops! Are you interested in staying updated when it comes to all things marketing? Check out our blog for more helpful content to boost your success!