Should You Use Predictive Analytics in Your Big Data Marketing - SmartData Collective

Should You Use Predictive Analytics in Your Big Data Marketing - SmartData Collective

Predictive analytics is the science of using historic data to forecast future events. In theory, it can be highly use...

Big data has become a major game-changer for the marketing profession. One of the newest applications is predictive analytics. Predictive analytics is the science of using historic data to forecast future events. In theory, it can be highly useful in marketing. If you can predict future behavior of your customers, you can make more effective marketing campaigns. How do models of predictive analytics actually work in the real world though? The short answer is: yes. Predictive analytics can help companies predict future customer behavior. Here are a couple of case studies (courtesy of our friends over at Marketing Land for putting them together). Cardinal Path used in-store and transactional data to create models of predictive analytics to better understand buying behavior and boost revenue. It worked out very well for them. “By using predictive analytics to look at purchase intent, we found some pretty interesting things. First, we were, of course, able to validate those assumptions and put numbers around them. We found that, if someone found themselves in an urgent situation, like a flat tire or a dead battery, the usage of click-to-call and store locator function was indeed very indicative of an imminent purchase of those types of products.”... Read more (3 min reading time!)

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Jose Javier Garde
Jose Javier Garde