The marketplace has changed, that much is apparent. Customer expectations have taken a U-turn and put most previous practices to rest. People no longer tolerate being generalized and expect companies to treat them on a personal level. While this is understandable reasoning from an individual’s perspective, the game completely changes when looking at this from the other side. Companies simply do not have the time or resources to get to know every single client personally. This is where predictive analytics comes in.
The what now?
According to the very aptly named Predictive Analytics Today, predictive analytics is a branch of advanced analytics that is used to make predictions about future events. By using various methods to get to previous and current customer data, process it and extrapolate a plausible outcome.
Simply put, it helps determine what marketing strategies resulted in a sale in the past and which ones have the highest probability of succeeding in the future. It is useful in every stage of the sales process, from helping to get customers engaged to keeping them as followers of your brand.
It is important to know that the process begins way before any actual purchases are made. The beginning of the journey is …