Using consumer data to it’s 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
- Analysis of past and present action, to determine future purchases using advanced analytics
- Decision optimization for determining which actions will drive the optimal outcomes, and then delivering those recommended actions to the systems that can effectively implement them
Advanced analytics are used to examine the way in which specific business issues relate to data on past, present, and projected future actions. That’s 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 subtlety and nuance not otherwise appreciated.
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 were the comparisons, what price point was enjoyed, what was the purchase compared to? It would be all too easy to denigrate 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 panoply of opportunities you have identified, and within the confines of a unique communication, the relevance and propensity 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.
From this 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.