12 May 2016

The power of predictive analytics

Tags:Data And Analytics

If you’re a savvy marketer, you’ll be well-versed in the art of using analytics to make customer-centric decisions in real time. By leveraging data to your advantage, you can garner powerful information about your customers’ journey and use it to bolster your bottom line. But predictive analytics, a strategy that draws on data-driven insights to predict future patterns and behaviours, can futureproof your business and set the stage for long-term growth. Here’s why you should think about leveraging predictive analytics today.

Identify hidden patterns in customer behaviour

In the online age, putting customers at the heart of your business is key to staying ahead of the curve. But the time it takes to put customer intelligence into practice can often add up to missed opportunities. Predictive analytics can help identify the trends and behaviour patterns that your customers are likely to adopt months down the track. This gives you the time to craft campaigns and initiatives with much greater relevance and accuracy.

Predict future outcomes

Do you struggle to understand whether or not you’re likely to hit your revenue targets and KPIs? Predictive analytics can take the guesswork out of business decisions by sharply predicting financial outcomes. Most predictive-analytics tools can give rise to forecasting models that let you predict future revenues based on predictors from the past. This lets you take your company’s financial health into your own hands.

Improve the customer experience

There’s no denying that your ability to craft a seamless customer experience can seriously impact your company’s growth. This often means that failure to anticipate customer-service issues or product flaws can cause irreversible damage. Employing predictive analytics lets you take a proactive approach to your customer relationships by predicting their needs before they unfold. From offering a fix for a faulty product before a consumer has complained to recommending a service that will address a customer’s future crisis, predictive analytics can help you deliver a customer experience that hits expectations out of the ballpark.

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