Predictive Analytics offers a unique opportunity to identify future trends and allows organizations to act upon them. With an increase in big data and the evolving nature of Business Intelligence, predictive analytics can offer valuable insights for organizations that can be translated in business growth.
Today, every business has the same goal: deliver experiences that keep customers coming back. But most organizations lack the visibility into their customer journeys and struggle to quickly and meaningfully personalize customer interactions.
To predict future trends, marketer need a vast quantity of historical data. This means that as consumers interact with campaigns, move down the sales funnel and ultimately convert, marketers must track each engagement. All of this data must then be correlated and synchronized in order to effectively develop consumer identities.
Unified marketing measurement enables predictive analytics by collecting information on market trends, consumer behavior, and online and offline engagements in a centralized way.
Predictive Analytics gives marketers and customer experience professionals the autonomy, visibility, and insights they need to keep pace with ever growing and changing customer demand.
The more you understand your customers — what they want, when they want it,
and how — the easier it is to reach them across channels with the right messaging at the right time.
Using predictive techniques guided by machine learning and artificial intelligence, predictive modeling helps assess future customer behaviors by identifying patterns and similarities between variables in the data. For instance, regression analysis identifies correlations between customers’ past purchasing behaviors to determine the probability of future purchases.
Personalization matters. Yet, brands struggle when it comes to providing their customers with customized messaging. Either they don’t have accurate data, they don’t have enough data, or they simply can’t gain insights quickly enough.
For others, the payoff for personalization done well is an extraordinary customer experience that exceeds expectations. However, the manual approach to personalization is unsustainable, and businesses are turning to machine learning and predictive technologies as the next logical step.
Predictive analytics drives automated segmentation for personalized messaging, meaning you can better target specific groups or individuals when you upsell, cross-sell, or recommend products, reaching customers with unique messaging that resonates in real time.
Accurate and timely business intelligence will be a differentiator going forward. While there are many reasons for using predictive analytics, the most persuasive is also the simplest: go beyond learning what happened and why to discovering insights about the future, and you’ll better serve your customers today.