Page 4 - AeM_Aug_2018

RESEARCH, ANALYSIS & TRENDS

Predictive and prescriptive analytics

essential in marketing

Marketing without analytics is unthinkable today since Generally, the term predictive analytics is used to mean
analytics are the nexus between processes and predictive modeling, "scoring" data with predictive
technologies that enable marketers to evaluate the models, and forecasting. However, people are
success of their marketing initiatives, providing increasingly using the term to refer to related analytical
invaluable assistance in driving marketing efforts disciplines, such as descriptive modeling and decision
forward. modeling or optimization. These disciplines also involve
rigorous data analysis and are widely used in business
Since businesses expanded into new marketing for segmentation and decision-making, although the
categories over time, new technologies were adopted to statistical techniques underlying them vary.
support them, however, typically deployed in isolation,
creating “data silos”, disconnected data environments. A study by Experian shows that 66% of marketing
Marketing analytics, however, must consider all professionals embark on the adventure of business
marketing efforts across all channels over a span of intelligence technology that predicts a score for a
time to be able to make faultless decisions and execute customer or other elements. Assigning such ratings is
marketing campaigns efficiently. It means, businesses the task of a predictive model, which in turn is built and
must stop using unstructured and barely networked refined by your data and reflects the knowledge and
analysis – at least descriptive analysis that serve to experience of your organization. Predictive analytics
evaluate a well-defined perspective on a particular streamline marketing campaigns and the visitor
question at a given time. experience on web pages to increase the number of
customer inquiries, dialogues and clicks, at the same
Descriptive analytics is a preliminary stage of data time reducing the loss of customers.
processing that creates a summary of historical data to
yield useful information and possibly prepare the data The scores for all customers show the company which
for further analysis. But there are numerous analysis measures must be taken, and which actions will ensure
options that at the same time simplify the processes and better satisfaction in real-time. So, you can use
make marketing more efficient. algorithms based on countless criteria segmentation -
for example, in terms of behavior - and determine the
Predictive analytics: What could happen (in the purchasing behavior of customers. Segmentation may
future)? also be based on the type of product being purchased
or on the brands that could appeal to the customer.
Predictive analytics is an area of statistics that deals
with extracting information from data and using it to You can also analyze the geographic zones of your
predict trends and behavior patterns. distribution network as needed to optimize the potential
of each location.
4 August 2018 - Predictive Algorithms & Native Ads