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Basic Levels of Predictive Data Analysis

predictive data analysis

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Predictive Data Mining Uncovers Clues

A considerable amount of data can be collected from consumer surveys and transactions behaviors. Predictive data analysis as well as statistical data analysis looks into the statistics carefully and make suggestions on how to prevent customer loss. This can be translated into better advertising campaigns, enhanced customer service, and better communications with existing customers.

statistical data analysis schema

Predictive Data Analysis Is Not a Crystal Ball

It would be a mistake to think that predictive data analysis is going to tell exactly what will happen later on. Circumstances can arise that will change everything. Nevertheless, predictive analysis can give a fairly reliable forecast of what might happen, and can also include risk assessment. Much depends on the quality of the data and the amount of data that is being reviewed.

Predictive analysis is a way of better understanding customers and also the buying patterns of these consumers. The analysis can also pinpoint opportunities. A lot of predictive analysis activity goes into creating models. Big data is essential because this is primarily real-time statistics coming from consumers. It is historical data, but its use can result in future corrections and innovations to marketing strategy.

It can go one step forward. Customer retention requires the development of loyalty programs. There is no way of knowing what best suits the consumer base unless the data mining is done to uncover what the buyer wants. Past performance can suggest what type of promotions and special discounts are most appealing. A major basis for superior customer service is making experience a delight. Predictive analysis can pinpoint what a customer wants in service, and how the service can be better refined to make the transaction acceptable.

Predictive Analysis Can Help with E-Commerce Sites

The world of the web is a land of profit. If used properly predictive analysis can give an indication of what type of keywords will best bring search engine spiders. They can also help develop the landing pages so that people are better enticed to go to a conversion instead of simply looking at the images. Anything that is forward-looking can sometimes be the proverbial shot in the dark. Predictive analysis moves from hunches and guesses to decisions that are based on collected data. That is much more reliable and can generate better results.

Data is going to be a major factor in all business decisions moving forward. There is very little room for any guesswork in an economy where customers change loyalties all the time. Predictive analysis is one of the more useful tools in developing useful business models. This particular statistical tool is superior in removing uncertainty in determining how the future is going to reveal itself.

Basic Levels of Predictive Data AnalysisX

No company can afford to lose customers in this highly competitive economy. Consumer tastes are extremely fickle and can change without warning. That can make any CEO nervous and there has to be means of preventing any customer hemorrhaging. The figures have to stay at acceptable levels and strategies need to be developed to retain the customer base. This is where predictive data analysis or univariate analysis can help.

Learn more about predictive data mining today!