Big data helps in mysterious ways. Versium has discovered this by using big data and machine learning to create a predictive marketing platform. The service, dubbed LifeData Predictive Lead Score, lets marketers build custom predictive models that help them pinpoint the users who are likely to be receptive to marketing offers.
Enterprises are seeing an unprecedented growth in data driven by growth in mobile, social, interactive websites, government third-party data, and more. Companies are sitting on enormous piles of data, but they’re unsure how to derive actionable intelligence from it in a timely manner. A survey of more than 600 companies worldwide by Econsultancy and Ensighten found that 62 percent of companies feel overwhelmed by all the incoming data, and 85 percent report they aren’t extracting full value from the data sources they have access to.
The self-serve platform means that you don’t need a data scientist to help you sort through all of the different leads for marketing pitches. By using machine learning and big data, the service lets marketers build accurate, customized predictive models that help them increase conversion rates, or the number of people who say yes to a marketing pitch.
Redmond, Wash.-based Versium automates the underlying machine learning modeling process, allowing marketing professionals, agencies, and app creators to build predictive models for their customers within hours, instead of weeks or months. They can also use the tool to visualize a marketing campaign’s projected performance.
Traditional lead score offerings are based on simplistic rules-based models. Versium’s automated Predictive Lead Score service leverages machine learning and big data with the inclusion of thousands of LifeData attributes.
“Machine learning is an evolutionary step from traditional ‘rules-based’ predictive models. By automating this process, we are providing marketing agencies and enterprises a tremendous competitive advantage in the growing field of predictive marketing,” said Chris Matty, founder and CEO of Versium, in a statement. “Organizations are drowning in data while starving for actionable data intelligence. Our Predictive Lead Score service addresses this pain by delivering accurate predictive intelligence automatically, much faster, and at a fraction of the cost of alternative solutions. Most importantly, customers using our Predictive Lead Score are seeing increased conversion rates as high as 900 percent.”
LifeData is Versium’s aggregation of real-life consumer and business behavioral data. The LifeData warehouse has more than 1 trillion consumer and business attributes. In other words, it’s a pile of data that Versium uses to tweak results and hone marketing campaigns to the right targets. The service scores results of campaigns in real time, and it lets you upload lists of prospects so that you can find the people who are most likely to purchase your products.
Versium said its service can help marketers get their leads and jobs done at a fraction of the cost. Alternative lead-scoring solutions can cost more than $10,000 per predictive model, which takes months to build. But Versium can do it much faster and at a lower cost, the company said.
Versium has 20 employees. Rivals include data services companies such as Experian and eBureau. Versium has raised $2.5 million from Acorn Ventures, TiE Angel Group (TAGS), and the company’s own founders. The founders include Matty and Kevin Marcus, the former chief technology officer of Intelius.