DIGITAL MEDIA GHOST
  • Publication
    • Subscribe!
  • #GhostsWriteIt Spotlight
    • Writer Spotlight Submission
  • Services
    • Digital Strategy
      • Content Marketing
      • Law Firm Marketing
      • Social Media Management
    • Ghostwriting
    • Public Relations
      • Social Sabotage & Online Privacy
        • Social Media Policy Template
  • About
  • Publication
    • Subscribe!
  • #GhostsWriteIt Spotlight
    • Writer Spotlight Submission
  • Services
    • Digital Strategy
      • Content Marketing
      • Law Firm Marketing
      • Social Media Management
    • Ghostwriting
    • Public Relations
      • Social Sabotage & Online Privacy
        • Social Media Policy Template
  • About
Search

How Predictive Analytics Is Transforming the Marketing Industry

5/27/2019

0 Comments

 
Picture
by Frankie Wallace, Guest Contributor

As a marketer, imagine being able to analyze a complex set of data from millions of potential prospects and behaviors and attributes of your current customers. This data could reveal how people will use your website, how many times they’ll visit it or contact you before making a purchase, and information about what types of products they want. With so much data available from devices and online tracking, big data can provide trackable, predictable metrics so you can hone your marketing strategies and create tailored campaigns. Here’s how it works:







Use Data to Predict Events
Even before the time of Nostradamus, people have searched for a way to predict the future. As it turns out, human behaviors and preferences have patterns. Prediction scientists can use historical data and information about the current state of world affairs to assess the likelihood of certain events such as the outbreak of war, political unrest, and terrorist events.

Human behavior, therefore, is quantifiable and follows patterns. Given that we can predict the possibility of larger events, especially with the aid of computers, smaller events are predictable as well. This includes marketing events based on past buying decisions and preferences, and the technology to work with this data is becoming increasingly affordable and available to private businesses.

Where Does Consumer Data Come From?
As a consumer, when you use platforms like Facebook and browsers such as Google Chrome, you’ve given permission for these applications to collect and store certain amounts of data. Platforms collect:
  • Your demographics (age, gender, region, race, level of education)
  • Your web searches (things you look up, purchase, and need)
  • Your affinities (hobbies, entertainment you like)
  • Psychographics (tells about your life goals, mood, attitude, and psychology)
  • Identifying choices (such as religious or political beliefs, as you may have listed on your Facebook profile)
  • Information on how actively you use various social media platforms

Here’s a really simplified version of how a car insurance company could use prediction analysis to serve an advertisement prior to the prospective customer actually researching car insurance rates:

Certain words or searches, such as queries for various car models, “getting married” or “moving to a new state” might identify a good customer — and through machine learning and predictive analytics, an insurance company with the right data can serve an ad to a customer before the customer even thinks to search for the insurance they will need to acquire or change.

A data analyst could take a sample of your customers who have authorized you to collect their data. The analyst and their computer could find the commonalities between your customers to find commonalities and focus advertising.

Why Are Predictive Analytics Helpful?
Predictive analytics allow you to know more about the customer and design your product (or at least your ads) according to their preferences. Additionally, you can target your ads quite specifically, and save money as you don’t have to target as broad an audience. Instead, consider investing that budget into inbound marketing and educational materials for your customers.

Predictive Analysis: Not Just About Sales
While big data and related analysis can help you sell, it’s not limited to that. Predictive analysis can help businesses streamline in many ways:
  • Analyze the productivity, size, and scale of departments
  • Minimize safety risks, especially in heavy casualty professions such as oil rig work
  • Predict audience responses
  • Refine credit and insurance risk formulas in banking
  • Improve cybersecurity methods, both in the government and for private corporations and citizens
  • Improve civic projects, such as traffic flow in a city or paths in a park
  • Assist in medical diagnoses

Predictive analysis is already in the works: Starbucks even uses it to find optimal store locations.

The Dark Side of Predictive Analytics: Unethically Sourced Data
Think about the ethics of the products we consume in the real world. Did corporations pay workers fairly to obtain it? Do the workers have rights where the product or service is produced? Ethical sourcing applies to digital products and services, too. From social media swaying by planted “trolls” in comment factories in Russia and China to the revelation of how Cambridge Analytica helped the Trump campaign used unethically gathered Facebook data, predictive analytics requires a sizeable amount of information about your audience.

Predictive analytics are so valuable in marketing that corporate and political entities will apparently go to great risks to obtain it. Big data isn’t cheap—whether it’s acquired ethically or not.

The Future of Big Data
The Wall Street Journal predicts that in the future, big data will more effectively combine research points from multiple medias and collection sources to form a more complete picture of who might buy and when. As time moves on, analytics are especially essential to the successful marketing.

Whether you hope to improve your marketing skills, save money for your business or get ahead of the trend, you can’t go wrong by studying predictive analysis or hiring an expert to analyze user behaviors for you.
​

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Picture
    Become a Ghostwriter!
    Picture
    Contribute to DMG
    Picture
    BECOME A GUEST CONTRIBUTOR
    Picture
    PROMOTE YOUR BUSINESS BY GUEST POSTING
    Picture
    ARE YOU A GHOSTWRITER? WE WANT TO KNOW!
    Picture
    DO YOU HAVE A GHOSTWRITING BUSINESS?

    RSS Feed

    Categories

    All
    Agency Spotlight
    Business
    Digital Marketing
    Ghost In A Flash
    Ghostwriting
    Media Relations
    Privacy Concerns
    Social Sabotage
    Technology
    Writer Spotlight
    Writing

    Advertising Disclaimer

    Archives

    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    May 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012

Find your domain and create your site at Weebly.com!
Digital Media Strategy
Content Marketing
Law Firm Marketing
Search Engine Optimization
Social Media Marketing
eBooks
Writing
Becoming a Ghostwriter
Blogging
Content Marketing
Ghostwriting Services
Guest Post Guidelines
Media Relations
Online Crisis Management
Personal Brand
Public Relations
Reputation Management
About
Our Team
Our Results
Testimonials
Contact Us
Locations:
New Orleans, LA
Nashville, TN

DMG University
Privacy Policy | Terms & Conditions | Cookie Policy
Digital Media Ghost  @2020
  • Publication
    • Subscribe!
  • #GhostsWriteIt Spotlight
    • Writer Spotlight Submission
  • Services
    • Digital Strategy
      • Content Marketing
      • Law Firm Marketing
      • Social Media Management
    • Ghostwriting
    • Public Relations
      • Social Sabotage & Online Privacy
        • Social Media Policy Template
  • About