Category : Predictive Analytics

Predictive Analytics

How much data is enough data for Predictive Analytics?

Fotolia_59416124_S-2-624x573There has been a long-standing discussion among statisticians, as to what should be the sample size for any kind of advanced statistical analysis. Over time, this has led to a number of calculated solutions to mitigate the problem. The topic is embroiling, hence keeping the readers in mind, we will explore this debate on sample
size, how to quickly come up with a sample size for a particular case, and study some practical relatable examples.

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Predictive Analytics

What are the common challenges faced by a Predictive Marketer?

Predictive Marketer

 

By the concept of opportunity cost, any rational person is every day faced with multiple choices, and when he chooses one over the other, it is because the benefit obtained from that choice is greater than the opportunities lost from not choosing the others. So how does this apply here? In this era of cut-throat competition and thinning margins, the need of the hour is ‘intelligence’ that would win new customers, satisfy them, maintain customer confidence, and turn them into brand advocates. In marketing lingo, this translates to Reach, Engagement, Activation, and Nurturing.

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Predictive Analytics

Relevance of Predictive Analytics in the Digital World

Predictive Analytics

Need for Predictive Analytics
Traditionally, analysts have always mined and studied historical data to diagnose the success and failure factors of businesses and to build best practices for future. In the case of failures, it is impossible to reverse the damage already done which can be at times fatal. However, the best practices did not involve a scientific or systemic planning for the future or to anticipate and be prepared for sudden changes. This leads to confusion on planning and budget allocation tasks. All future steps were based on intuitions, experience and at times random chance hence creating a high probability for errors. The primary reason for the system to not provide such opportunities was due to the lack of robust tools and understanding of concepts.

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Predictive Analytics

How Predictive Analytics helps VP of Digital Marketing make Better Decisions?

Predictive Analytics

Role of Predictive Analytics

Predictive Analytics is a very new domain when it comes to the field of online marketing and e-commerce. Some online players still consider it complex, something, which is difficult to sell to the executives considering, a huge investment it requires in terms of hardware, statistical tools, and most importantly, the right people in-house. On the contrary, we have online players, who have realized the potential of this concept, and have already started investing in this area either, by building their in-house team of Predictive Analytics or, outsourcing to a team of experts offering automated predictive solutions. With markets becoming more competitive by the day, data size exploding, and ‘big data’ concepts becoming increasingly important, the role of predictive analytics in selecting the right set of information, identifying the underlying hidden patterns, and providing in-depth actionable insights is becoming indispensable to sustain and be equally competitive in the industry. But, Predictive Analytics-driven recommendations are incomplete in isolation, because even the best of insights may go unheeded if, the right people in the company are not approached. Here at Nabler, we have experienced that, even the VP of Digital Marketing needs support from the Senior Executives by presenting a solid business case for investment before, he/she teams up with Sales, IT, and their Support Desk. Being a VP of Digital Marketing, you can choose the Predictive Analytics technology, vendor or solution, but when it comes to big data, it’s about collaboration and data sharing.

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