Improve marketing with predictive analytics
Posted: Wed Feb 19, 2025 6:58 am
What is predictive analytics and its role in a winning marketing strategy? You will learn that in this article.
Predictive analytics is often used to manage supply chains, business operations, and analyze consumer behavior. But what exactly does predictive analytics mean and how can it positively impact your business and marketing strategies? Let's explore that.
What is predictive analytics?
Predictive analytics is a form of business analysis that uses statistics or machine learning to predict outcomes. These outcomes can include anything from consumer intent and customer lifetime value to sales trends.
Compared to other types of business analysis , predictive analysis focuses on what is likely to happen, while descriptive analysis focuses on what has happened. Prescriptive analysis then seeks answers based on both previous analyses to determine what should happen - based on what has happened and what is likely to happen.
Predictive analytics can be successfully used to:
Predicting future customer churn rates.
Accurate predictions of future sales trends.
Optimization of inventory to meet customer demand.
Calculating customer lifetime value (CLV).
Predicting future customer purchasing preferences.
Preventing failures of logistics or warehouse equipment.
Predictive analytics is often used to manage supply chains, business operations, and analyze consumer behavior. But what exactly does predictive analytics mean and how can it positively impact your business and marketing strategies? Let's explore that.
What is predictive analytics?
Predictive analytics is a form of business analysis that uses statistics or machine learning to predict outcomes. These outcomes can include anything from consumer intent and customer lifetime value to sales trends.
Compared to other types of business analysis , predictive analysis focuses on what is likely to happen, while descriptive analysis focuses on what has happened. Prescriptive analysis then seeks answers based on both previous analyses to determine what should happen - based on what has happened and what is likely to happen.
Predictive analytics can be successfully used to:
Predicting future customer churn rates.
Accurate predictions of future sales trends.
Optimization of inventory to meet customer demand.
Calculating customer lifetime value (CLV).
Predicting future customer purchasing preferences.
Preventing failures of logistics or warehouse equipment.