With the influx of AI and big data, marketers now have powerful analytics tools at their disposal. Data-driven insights are used to enhance marketing efforts at every stage of the marketing funnel, with one of the most effective ones being predictive analytics.
Let’s discuss what predictive analytics in marketing are, why brands need to utilize them and best practices for increasing ROI and improving marketing performance.
Predictive Analytics Use Cases
The ability to generate predictive analytics can make or break a marketing campaign. Through the use of data and analytics tools, businesses can determine where they need to be and when. But there are ways you need to go about analyzing the data, determining how to reach your target audience and ultimately, how to keep them:
- Defining the outcomes: Determine the questions you want the data to answer. For example, “Which of my products is a repeat customer likely