Predictive analytics
Posted: Thu Dec 26, 2024 5:37 am
Predictive analytics helps you make predictions about the future. Let’s say you’re launching a new advertising campaign on your website. With predictive analytics, you analyze visitor data and see what trends you can identify. Based on this analysis, you can predict what results the new campaign will bring and what resources you should allocate to support it.
Objective : To answer the question "What will happen in the future?"
Advantages :
Allows you to make calculations and predict the future, albania phone number library especially important for growing companies.
Helps to understand trends and develop new strategies.
Provides different perspectives on business strategy.
Flaws :
Not always reliable compared to other analysis methods.
Lack of data can be a problem for companies just starting out.
More complex than descriptive analytics.
3. Prescriptive analytics
Prescriptive analytics not only predicts the future, but also offers recommendations for action. Imagine you have a food delivery app. Prescriptive analytics analyzes order data and suggests steps you can take to increase orders. For example, it might recommend making changes to the menu or running a promotion on certain dishes to attract more customers.
Objective : To answer the questions " What needs to be done to change future trends?" and "What actions can be taken to achieve success? "
Advantages :
Combines forecasting with decision making.
Allows you to plan actions in advance.
More reliable than predictive analytics.
Flaws :
Requires a large amount of data.
Not all tools are reliable when used for prescriptive analytics.
Less reliable for long-term planning.
These examples and advantages/disadvantages illustrate how different types of marketing analytics can be used to understand the current situation, predict future events, and develop strategies for marketing success.
Objective : To answer the question "What will happen in the future?"
Advantages :
Allows you to make calculations and predict the future, albania phone number library especially important for growing companies.
Helps to understand trends and develop new strategies.
Provides different perspectives on business strategy.
Flaws :
Not always reliable compared to other analysis methods.
Lack of data can be a problem for companies just starting out.
More complex than descriptive analytics.
3. Prescriptive analytics
Prescriptive analytics not only predicts the future, but also offers recommendations for action. Imagine you have a food delivery app. Prescriptive analytics analyzes order data and suggests steps you can take to increase orders. For example, it might recommend making changes to the menu or running a promotion on certain dishes to attract more customers.
Objective : To answer the questions " What needs to be done to change future trends?" and "What actions can be taken to achieve success? "
Advantages :
Combines forecasting with decision making.
Allows you to plan actions in advance.
More reliable than predictive analytics.
Flaws :
Requires a large amount of data.
Not all tools are reliable when used for prescriptive analytics.
Less reliable for long-term planning.
These examples and advantages/disadvantages illustrate how different types of marketing analytics can be used to understand the current situation, predict future events, and develop strategies for marketing success.