In this post, we look at how companies are using analytics in the attraction phase of their marketing and how that flows into the selling phase. This includes marketing mix modelling, hyper-personalisation and customer lifetime value.
When we start working with businesses, in the early stages, we constantly reiterate the importance of the data journey. Why is this? Because often, it is an intimidating process. Big things want to be achieved and many times the roadmap can be unclear.
Innovation in this fast moving world is arguably one of the most important factors that will enable a company's long term success. But many times, while leaders are looking forward to forge new territory and bring to life their customer value, they often get caught up in hypothesising and making assumption based decisions.
Predictive analytics is taking relevant historical data and using a series of advanced machine learning techniques, statistical and modelling techniques to help predict unknown outcomes or future events.