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It doesn't matter what type of business you're actually running - your organization is creating a massive amount of data on a daily basis. What type of marketing collateral you're putting out into the world and how well people are responding to it. The quality of the interactions that you're having with the members of your target audience. The overall experience you're creating on behalf of these people. Contained inside that data is analytical insight about all of this and more. But what if you could use that data to not only better understand the past, but to accurately inform the future? What if you could use the journey you've already taken to predict how well the road ahead will go? Luckily, you can - it's called predictive analytics, and it remains one of the most important concepts that marketers still aren't paying nearly enough attention to.
The Power of Predictive Analytics: Breaking Things Down
At its core, predictive analytics are a way to use machine learning, data mining and similar techniques to accurately predict future performance - all by gaining a better visibility into and understanding over that which you've already done. Essentially, you're analyzing what you already know to be true - meaning information about how your business functions and how it communicates with the world - to make predictions about the future or otherwise unknown events. The benefits of this approach can't help but immediately reveal themselves, often in more ways than one. The biggest and most immediate impact is that predictive analytics give you an incredible ability to optimize your marketing and SEO campaigns
moving forward. You can easily use the data you already have to determine which customer segments will be most effective to reach and how, exactly, you need to reach them. You can also dive deep into a campaign to see what worked and, more importantly, what didn't - all in the name of making even better and more informed decisions moving forward. But the real magic here is that you also get an opportunity to predict customer behavior - essentially, you get better insight on when you think a prospect might convert into a paying customer. This gives you the ability to better understand those points where you might lose someone - whether it comes down to content that just wasn't a high enough quality or whether it was because someone hit a dead end in the buyer's journey. If you know why someone hopped off the buyer's journey and where, you suddenly know exactly what you need to do to stop it from happening in the future. That can't help but lead to better and more informed (read: more successful) marketing campaign moving forward. If you'd like to find out more information about using machine learning and data mining to predict the future performance of your marketing campaigns, or if you have any additional questions that you'd like to go over with an expert in a bit more detail, please don't delay - contact Infostream today.