Predictive Analyitcs: A fruitful tool for Marketing future
April 5, 2018
What is predictive analysis?
Predictive analytics surrounds different number of statistical tactics from predictive modeling, data mining, and machine learning which helps us to analyze present as well as past information to anticipate future. In terms of business, predictive analytics elicit patterns which are found in past and transactional data to know risk and opportunities. Predictive analytics is intellectual task which requires knowledge, skills and extraordinary backend panel to predict the customer behaviour.
For success of the business in long execution, the most powerful indicator of business success is customer experience and to establish a positive experience of customer, use of predictive analysis works in an efficient way. When we talk about establishing a positive experience of customer, the managers of the company wants to triumph at every segment. The company point is irrelevant if customers are not interested about what company is doing. The behaviour of the customers can be analyzed with the help of predicting analytics and it is the requirement of every executive to predict reactions for providing the great experience to the customer from the scratch.
Predictive analysis helps in business enterprises and almost all businesses are incorporating the use of this analytics because it is need of an hour. It allows to make decision by monitoring past events and anticipate the future based on past history. Certain feedbacks of customers and other behaviour are measures and translated into future decision. Therefore, analytics is essential in terms of business or to know the website performance related to traffic (google analytics).
With the help of predictive analytics you can build positive experience of customer which leads to positive revenue in business. Net promoter score (NPS) is a technique to determine satisfaction level among customers as well as trust. Most of the companies are adopting this technique to know the performance of business in present state. It helps to spur business into action by knowing the ROI as well as risk factor in business.
The past trends in business related to customer are known parameters and with the help of these parameters you can predict the reaction of the customer. If there is any negative reaction of customers, then it can be altered by turning negative into positive customer with the help of satisfying and building trust with customer to remain loyal with them.