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             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
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