Predictive analytics is a trend with marketers and businesses. Everyone is trying to predict and understand the future of a company, business, or sale by using patterns, data, and techniques. Does it mean marketing is predictable? In a world upended, we’re looking for predictability, at home, and at work
What is Predictive Marketing?
A marketing technique that involves using data analytics to determine which marketing strategies and actions have the highest probability of succeeding
- Companies that utilize this strategy strive to make data-driven decisions to yield better results
- Two main factors have led to the boom in predictive marketing
- Huge amounts of data marketers can access from all available sources
- Access to data in real-time
- The introduction of cloud computing that provides Big Data technologies
Conclusion
Predictive marketing takes much of the guesswork out of marketing and the benefits of predictive marketing empower companies to conduct more accurate forecasting
- It also puts marketers in a better position to see what’s around the bend and perform better in terms of upselling, making the next-best offers, determining long-term profitability, and being prepared for shifts in market conditions
Challenges with Predictive Marketing
It may not live up to some executives’ and marketers’ expectations for fully-automated analytics
Benefits of Predictive Marketing
Having insight into consumers and their behaviors
