December 10, 2012
The future of online marketing and the techniques necessary for mining data and analyzing markets trends of the future were key focal points at the predictive analytics section of the Xchange seminar of 2012. The event gave online marketers and webmasters the opportunity of hearing first-hand techniques and information about data mining, organization and business trends from actual developers of analytic tools as well as from dedicated analysis.
The seminar was exceptional. I jotted down all of the enlightening tips and techniques that online marketers/webmasters can employ to predict future market trends so I could pass them onto you.
What is Predictive Analytics?
Simply stated, predictive analysis involves the use of analytical tools to gather data and extract the necessary information needed in predicting/forecasting future trends (which is marketing trends for this topic) and the behavioral pattern of a targeted consumer base.
Predictive Analytic Techniques for Professional Online Marketers
Identifying your customer base – Business management 101: understand your customer base, track them and identify prospective clients and how they might interact with your system to create the perfect business plan. This can be done cheaply with the use of free data analytical tools from high ranking and SEOmoz.com websites that provide marketers with a full package of business analysis tools.
Customer Relationship Management Systems – Relevant data such as customer feedback, questions/queries on products and services can be gathered from the CRM system setup on a website. This data can then be analyzed or processed digitally with the use of PPC/Ad analytical tools and digital recordings/analytical software to forecast future sales trends.
Tell a Story – Tell a story once and it becomes a tale, tell it twice and it becomes a process, repeat it four times and it becomes a brand, five or more times and you would need an analytical tool to measure its success. Therefore, creating an online brand and tracking its progress is a part of predictive analysis because it builds a marketing base that can be relied on in the future.
Accurately analyze marketing programs and understand what they mean – Impacts of a marketing strategy must be tracked and incorporated into a business analysis program. The data gathered will indicate the most efficient marketing strategies that can then be used to bring in future sales or get more customers.
Employing the use of Econometrics – We were also advised as online marketers to take into account the external influences, such as the economic situation, share indexes, even the climate/weather conditions for forecasting future trends. With econometric tools/models, you can now incorporate external/internal statistics, marketing data and statistical methods in your predictive analysis technique.
Customer Behavioral Pattern – While understanding the human behavioral pattern that makes a person purchase goods and services may be difficult, it is by no means impossible for online marketers. Use analytical software such as Unica and Cognos to gather both online and offline data to deduce the driving forces behind purchases.
In conclusion, constantly switching up your marketing strategy according to the trends of the times is the best advice there is for an online marketer.
Sophie Milot works as a content writer for Research Optimus. She also indulges in writing articles related to Predictive Analytics Techniques for Online Marketing Professionals and data analytics methods and techniques.