As the competition in the digital marketing landscape gets tougher, having quality and reliable data about the market becomes more crucial. This is why more and more companies these days are investing in new tools that can aid them in gathering more relevant and newest data available – on the forefront of which is the Predictive Analytics.
But what is predictive analytics and how can it help marketers achieve better results? To better explain the topic, here are the key takeaways from the infographic below provided by Digital Marketing Philippines which discuss everything you need to know about the latest addition to the digital marketing arsenal – the Predictive Analytics.
What is Predictive Analytics?
Basically, predictive analytics is a valuable tool in marketing which utilizes existing data with the goal of identifying trends and patterns in a sample or target market. These trends and patterns can be used to predict future outcomes and events.
Although it is not entirely a new concept, this tool can give marketers greater leverage in terms of reliably forecasting future trends and behaviors that may take place on their target audience.
Benefits of Predictive Analytics
- Help predict search and purchasing behavior of targeted customers.
- Helps optimize marketing campaigns.
- Helps business analyze and manage pricing trends.
- Provides a better understanding of current market trends and demand which enables more efficient supply chain operations.
- Provide better business intelligence allowing business to better forecast and plan for growth.
- Delivers high Return on Investment (ROI).
Impact on Digital Marketing
With predictive analytics, businesses using various digital marketing techniques can develop better and more effective strategy. For instance, data gathered using predictive analytics can aid a company to focus its lead generation efforts on the right channels, thus avoiding wasted resources in the long run.
There’s a lot more going on in the predictive analytics, and as digital marketing landscape becomes more challenging, we can expect its role to increase over time. Check out the infographic below to learn more about Predictive Analytics.
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