Predictive analytics is an area of statistical analysis that focuses on predicting what a customer will do based on their past behaviors. The use of predictive analysis in marketing can help marketers identify risks and opportunties in marketing campaigns. Utilizing quantitative data, rather than intuition, allows business leaders to gain insight on their business' most profitable direction. Consider the following examples of predictive analytics:
- A bank uses predictive analytics to increase campaign response rates by 600%, cut customer acquisition costs in half, and boost campaign ROI by 100%.
- A large university predicts whether a student will choose to enroll by applying predictive models to applicant data and admissions history.
- An internet based Sub-Prime lender uses predictive analytics to beat the industry average default by 10%, while increasing asset utilization (making more loans).
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