Using consumer data to its best advantage
Each individual consumer is unique – appreciate their individuality
Predictive analytics is a series of techniques, tools, and technologies that use data to find models that can anticipate outcomes, with a significant probability of accuracy. Or, put simply, it’s taking what you know about someone and using that insight to forecast future results.
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How predictive analytics works – an overview
- Analyses past and present action, to determine future purchases using advanced analytics
- Decision optimization determines which actions will drive the optimal outcomes, and then delivers those recommended actions to systems that can effectively implement them
Advanced analytics are used to examine the way in which examine data on past, present, and projected future actions using historic sales and live impressions on your site. Advanced analytics include statistical, mathematical, and other algorithmic techniques and are more complex than the basic analytics used to compute frequencies, cross-tabs, and query and reporting cubes.
From this, our advanced analysis results insight that is used to determine which actions will drive the optimal outcomes. Recommended actions, along with supporting information, are delivered to the systems that can effectively implement them. Human nature and individual personality to a finite solution.
Accuracy extends well beyond historic sales!
Live impressions captured, distinguishing subtle nuances that are otherwise ignored.
Consider a consumer who regularly buys a specific brand. They are obviously comfortable with it, but this could be for variety of reasons: size reassurance, cut, quality, colours, materials used, brand identity or lifestyle affinity. Or for that matter, taste, texture, clarity, finish the list is endless. But look deeper and the algorithm also identifies shifts and trends between not only the preferred brands but within their individual buying choices.
What did they compare? What was their budget? What could the purchase preferences signify? It would be all too easy to trivialise a peer brand, dismissing it merely because it has so far not been purchased. Family and friends might have complimented the purchase, and a myriad of high-street opportunities may denigrate your assumptions. If, however the buying opportunity can be limited to you, both through the range of opportunities you have identified, and within the confines of a unique communication, the relevance and desire to purchase is amplified many fold.
Knowledge Transfer Programme – University Initiative
We are participants of the Knowledge Transfer Partnership (KTP) scheme, a UK University initiative which helps businesses in the UK to innovate and develop. It does this by utilising an academic or research organisation and graduates.
A KTP enables a business to bring in new skills and the latest academic thinking to deliver a specific, strategic innovation project through a knowledge-based partnership.
The academic or research organisation partner will help to recruit a suitable graduate, known as an Associate. They will act as the employer of the graduate, who then works at the company for the duration.