Consider These Four Points for Successful Predictive Analytics
Predictive analytics is an advanced analytics that helps marketers identify patterns in the data and predict future user behaviours. It uses data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data and make predictions about future.
Econsultancy’s Ben Davis has shared four crucial points that marketers should consider while using predictive analytics strategies.
On identifying appropriate sources of data, Davis says, “One of the most fundamental points to consider is whether data is indeed capable of providing an answer to every question that the organisation has.
There are many factors that determine the appropriateness of a data source, from regulation and privacy to volume and velocity.
Interviewees urged caution when branching out beyond first-party data. Nathan Ansell, director of customer loyalty at Marks & Spencer implies that third-party data is inherently less valuable than first-party data because it is not exclusive to your platform”.
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