Magnitude is a Tucson brand marketing, public relations, and interactive agency. Our services include ad campaigns, predictive modeling, startup support, SMM, web development, and social media destination marketing solutions in both digital and print.
What is Predictive Modeling?
Predictive modeling is a process that builds models to forecast future outcomes. In other words, it is a tool that can be used to predict what will happen in terms of customer needs based on big data. You can collect big data through social media, internet, cell phone data, company records, and cloud computing platforms. Then, you can use predictive models to mine the big data and find out what can happen in the future.
If the you gather enough data, you can make accurate predictions based on these models. In essence, it can help you better understand what you need to do to meet customer needs. However, the big data is hard to analyze. It requires special software and powerful computers.
Why use predictive modeling for your business?
Predictive modeling has become popular because of “its ability to increase customer retention, anticipate users’ next action, and better prospect potential customers.” Although it is true that these models can improve your company’s operations, the effort requires putting together every piece of info the business can offer. So if you are willing to dive into this, here are a few key benefits you should expect.
You want to know how your buyers act, and models can do that for you. They can mine data and find unique info about your customers. In turn, you can use the data to create better profiles of your clients. If before you only had a foggy picture of how they behave, a predictive model can give you a full 3D picture.
Now that you can build better customer profiles, you can focus on serving them better. After all, it is cheaper to keep the clients you already have than find new ones. So, predictive models can help you find out why your clients decide to leave. In turn, you can develop plans to prevent that.
Not only you can increase customer retention but you can also study buying habits to find out what else people like. While customer profiles give you all the info you need on what they do, their benefits don’t stop here. You can use the info to find out their likes and predict their needs.
Why should you use our services for your business?
Predictive modeling requires big amounts of data, powerful computers, and special software. Fortunately, we are here to help. Moreover, our team can also write your business plan or develop your ad campaign and marketing materials. Contact us to schedule an appointment and we can talk about the details of your journey.
If you would like to know more about predictive modeling, check out these helpful articles.
“How Small Businesses Can Use Predictive Modelling and Analytics to Increase Revenue.”
“How Businesses Use Predictive Modeling to Grow.”
“Predictive Modeling and Small Commercial Risk.”
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