The crystal ball–oft spoken of in folkloric terms, but never available when you need it–has entered the realm of possibility. In our switched-on world, where digital interaction is present virtually every moment of an individual’s life, we as marketers now have the tools to peer into the future using data–not crystalline–to gaze forward at where our business is going.
Predictive analytics–the process of using new and historical data to foresee the result, activity, behavior, and trends of our consumer base–is the key that is making successful businesses, well, successful. Enterprises primed for growth in today’s hyper-competitive marketplace are using predictive analytics to gain a deep understanding of the customer base to maximize revenue, efficacy of marketing budgets, and, of course, profits.
Author: Adriana Lynch