The data is readily available. So why are only a minority of marketers and entrepreneurs using predictive analytics to anticipate customers’ needs — and increase conversions? Learn how to become one of them in this VB Live webinar where key concepts and best practices are plainly spelled out so you can start putting them into practice.
Anticipating consumer interest for the future may seem as magical as pulling a rabbit out of your hat, but thanks to predictive analytics, marketers can turn big data into a crystal ball to see where the market — and their customers — are heading.
By analyzing the vast amount of real-time customer data alongside historical data and customer insight, predictive analytics allows you to anticipate needs, not just respond to them. It allows you to surprise your audience by using their buying history to transform their shopping experience into something far more personalized. Needless to say, when consumers are presented with products or experiences they love, you’re gonna see sales rise as a result.
Due to the success of predictive analytics, the category has become a hot investment in martech funding; one quarter alone last year saw 10 investments and $1 billion poured into analytics in general.
However, predictive analytics doesn’t come easy to everyone. Based on our Insight report, The State of Marketing Analytics: Insights in the age of the customer, many marketers out there are unconfident in their work, leading to lost opportunities.
The annual Duke CMO Survey stated 65 percent of marketers lack the ability to really measure marketing impact accurately. Going hand-in-hand with that lack of confidence is stress, as 65 percent of marketers said pressure from their board or CEO is increasing. For the metrics demonstrating impact of marketing spending on business, 19 percent have yet to show short-term impact, while 23 percent were unable to show it long term. The takeaway from all this is that marketers’ lack of confidence in their own analytic abilities is leading to serious lost opportunities.
Lack of confidence may also explain why we’re seeing low participation in predictive analytics. We surveyed 1,000 marketers regarding marketing data and analytics reports, and found that while a majority were comfortable with reporting on what’s happened in the past, barely a third of their time (37 percent) was spent on predicting and influencing the future.
Ok, that’s a bit of what’s going on right now. But how do you fix this?
In this upcoming VB Live event, VB analyst Jon Cifuentes, together with Citi’s David Landau, will pull back the curtain to talk about how to begin applying predictive analytics in ways that will have meaningful outcomes — including on your bottom line.
Don’t miss out!
Register here for free.
In this webinar you’ll learn to:
- Efficiently uncover the right data at the right time
- Understand key concepts in predictive analytics
- Know which tools to use to analyze data
- Determine which data points are most effectively aligned with your business purposes.
- David Landau, Head of Onsite and Email Acquisition Citi North America
- Deep Varma, VP of Engineering, Trulia
- Michael Healey, CEO, Yeoman Technologies
- Wendy Schuchart, Analyst, VentureBeat