For most of the past century, marketing was far more of an art than a science. Marketers made decisions primarily off of intuition. Their models have shifted markedly in recent years, as big data plays a more important role in customer outreach and engagement. Predictive analytics is taking data-driven marketing to the next level.
Brands can use predictive analytics to get a better pulse on their target customers. They can predict future demand for various products among each customer segment. Predictive analytics models that help them make these forecasts allow them to allocate the resources more efficiently. Marketing teams that utilize predictive analytics can account for countless nuances to implement more holistic marketing models.
However, the ultimate success of their marketing strategy hinges on their ability to collect the right data. Location and demographic data are essential to any marketing campaign. Predictive analytics models will be virtually useless without having this data on your customers. This is especially important in the hospitality industry, which is heavily dependent on demographic trends. Companies that want to create a hotel booking website need to make sure they understand the lucrativeness of different demographics and appeal to them appropriately.
Appreciating the importance of location and demographic data ...
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