Predictive analytics can help fuel customer interest in your products
It’s no secret that big data is fueling the modern marketplace. Both in digital and more traditional forms of advertising, data is constantly being leveraged in order to help businesses stay ahead of consumer trends and upsell their own products. With data being collected constantly, every button click and word entered into a search engine is catalogued immediately by big data companies, the access to these stores of data is becoming easier by the day for businesses of all sizes.
One of the best examples of big data-driven businesses is Amazon – even with the brand’s branching out into markets beyond their initial online buying platform, Amazon.com is literally fueled by predictive analytics. If you have recently visited Amazon’s website (and let’s be honest – you definitely have), you were likely shown “suggested products” or a “you may also like” selection of curated products for you to consider purchasing based on your previous searches, product clicks, and purchases.
Predictive analytics
can help fuel customer interest in your products and services too, but how do they work? In the simplest terms, an AI immediately captures a user profile of the consumer who is interacting with a given website or app, taking in a complete customer profile including interests, age, political leanings, and more, and utilizes these data points to predict what that customer is likely to want. Having predictive analytics work for you can help personalize experiences for your customers, boost your sales, and provide direct insights about what the future of your business might look like.
Big data also stands to help influence the way in which you invest your marketing budget.
Demographic data
helps you not only identify who your target audience is, but also specific niches within those demographics which are more likely to convert into consumers for your business. Social media platforms do not exist only as a place to connect with friends and family, but are platforms for marketing departments to utilize the vast amounts of data which social media websites generate. These platforms provide data which people volunteer to them in order to offer you direct access to niche markets who are likely to convert for you. This eliminates your need to collect and process consumer data on your own and provides you direct, data-based access to billions of social media users who will soon be your customers.
Related to predictive analytics is data-driven risk analysis. While risk analysis is not typically used by most businesses in customer-facing ways, any business can utilize data gathered internally to process the likelihood of the success of an investment or other business decision. Being able to utilize data in order to predict the success of product launches, hiring moves, and more can help steer you away from even the most well-intentioned mistakes.
It doesn’t take big data to begin to utilize data science to your business decisions. Beyond the examples provided above, data sciences provide limitless possibilities to your customers, your products, and your investments. If you’re ready to take the dive into using data science to bolster your business, contact the experts at M1-Data and Analytics today. Our suite of data products and team of experts are standing by.
