The Benefits of Predictive Analytics and How it Impacts Marketing
Before the world-altering year of 2020, multi-touch attribution (MTA) was considered the key strategy of marketing. When done right, it would help marketers understand the value of each user touchpoint across devices, platforms and so on.
But MTA, while a worthy strategy, never got to deliver its full potential due to privacy-focused regulations and cookie deprecation. Now, marketers looking to deliver better analytics that can give them an edge are taking another look at predictive analytics. And they are liking what they are seeing.
What is Predictive Analytics?
IBM defines predictive analytics as a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.
What are the Main Benefits?
One of the main benefits of predictive analytics is that it allows marketers to identify trends and patterns in data that may not be immediately apparent. This can help them make more informed decisions about their marketing strategies, such as which channels to focus on, which campaigns to run, and how to target their audience.
Predictive analytics can also help businesses to optimize their marketing efforts by identifying which channels and tactics are most effective at driving conversions. By analyzing data from past campaigns, businesses can determine which tactics were successful, and which were not, and use this information to refine their marketing strategies going forward.
Another benefit of predictive analytics is that it can help businesses to better understand their customers. By analyzing data on customer behavior, businesses can learn more about their preferences, interests, and habits, which can help them to create more targeted and personalized marketing campaigns. The average lift is conversion rate for sessions influenced by predictive intelligence is 22.66% according to Salesforce.
Why Marketers Should Care
So why should you use predictive analytics in your marketing strategy? There are several reasons:
1. It can help you make better decisions: By providing insights into future outcomes, predictive analytics can help you make more informed decisions about your marketing strategy.
2. It can help you optimize your marketing efforts: By identifying which tactics are most effective at driving conversions, predictive analytics can help you focus your resources on the most effective channels and tactics.
3. It can help you understand your customers better: By analyzing data on customer behavior, you can learn more about your audience and create more targeted and personalized marketing campaigns.
4. It can help you save time and resources: By automating data analysis and providing insights into what is likely to happen in the future, predictive analytics can help you save time and resources that would otherwise be spent on manual data analysis.
Conclusion
In conclusion, predictive analytics is a powerful tool that can help businesses make better decisions and optimize their marketing efforts. The Bryj platform has powerful analytics and reporting built in so customers can see the big picture, make smarter decisions, and automate processes to increase engagement within their app. Curious to know how Bryj can help you with a complete mobile app solution that delivers unmatched analytics? Get in touch with our experts today for a quick intro call.
