Predictive analytics is growing in importance. Economists say that the next recession will start in 2020, and marketing becomes more difficult during recession, as people have less money to spend.
Marketers will have to make decisions more and more based on return on investment (ROI) as well as results.
It is easier to make the right decisions and save on the budget and resources if you know what will most likely happen in the future. When your competition is cutting their budgets and hiding in their foxholes waiting for the recession to end, you can confidently invest in such future marketing operations whose importance you have predicted.
Don’t have a crystal ball either?
I have lost mine, too, but luckily visual analytics will help you to predict the future.
Few things are as simple as looking at clear figures on a dashboard about the effect of your marketing actions and making conclusions and necessary corrections based on them. When you notice a change early, you can react to it more quickly.
How did the conversion rate optimization of a landing page affect the number of conversions?
How did the change in the budget affect the return on investment?
Predicting the future 100 percent accurately is most likely impossible. The equation might have variables that mess up your prediction. However, marketing professionals need to predict probabilities. “This worked last year and is likely to work this year, too.”
Data is not utilized to the fullest
I think that the problem marketers often have is that analytics tools are being used and the data is being analyzed, at least to some extent, but it is not utilized to the fullest. Often you look at the past and forget about predicting the future, even though predicting the future is precisely what you should be doing.
A long-term marketing analysis results in working solutions that are worth investing in, in the future. Testing should not be overlooked either.
I wish there was someone who could provide us with a clear set of analytics metrics to support our management decisions.
Oh yeah, we can provide you with that. Ask more from our CEO, Juha.