The Financial Industry and The World Of Professional Sports have been using predictive analytics for decades, to determine your financing terms, credit limits and odds for the Superbowl.
The retail Industry has finally jumped onboard and is cashing in on this collection of consumer intellegnce. Gone are the days of historical analytics and marketers gut instincts, it is too costly to
gamble on hunches and available inventory spreadsheets.
To best explain predictive analytics; it optimizes your marketing campaigns, assesses where your customers are in their consumer lifecycle with your brand, determines pricing strategies, can optimize
your ad spend, manage risk, guide consumer website behavior and increases consumer engagment,
while decreasing customer attrition. It sounds like a miracle & might just be!
Predictive Analytics was a major buzz word at the recent NRF Conference. Their are many software providers out their offering predective analytics patforms. I do not know enough about the options to make any recommendations, however I did find this NRF interview David's Bridal Interview At NRF Discussing Benefits Of First Insight Tool which showcases the power of predictive analytics very powerful proof.
Do not waste idle time thinking about predictive analytics, while your competitor jumps on the bandwagon and passes you by. Start doing your research and figure out what your analytic needs are and find the plattform that best meets your needs. Research shows that top performing buinesses have a much more developed resource for consumer analytics then their lesser performing competitors.