The Future is History: Using Historical Data to Foresee Your Campaign's Results Before its Launch
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Data and analytics have revolutionized fields the world over. In sports, Liverpool became the champions of Europe and England, the Houston Astros have had success in baseball, and the Warriors have revolutionized the way basketball is played forever – all using analytics to change how things are done. In agriculture, data analytics are changing the way farmers grow and provide their food. In healthcare – very much a field on everyone’s mind – analytics are allowing doctors to measure everything from heartbeats to calories, and combine huge amounts of data into actionable insights. In every field, analytics is changing the way things have been done in dramatic and exciting ways.
Marketing is a field that once was based much more on experience, feel, and the random notions of top executives. That’s the case no longer, as predictive analytics has taken over marketing, leading to campaigns being more tailored – and successful – than ever before.
How is Historical Data Used?
Predictive analytics means using data consolidated from the relevant history of several sources to predict how events might look in the future. One of the features of predictive analytics is that it focuses on trends and percentages of how things MIGHT turn out rather than the certainty that comes from more traditional methods (beware the marketer who says with certainty that, with a massive investment from your company, he will guarantee any particular ROI!). Instead, predictive analytics places a set data into an algorithm that is checked against how such campaigns have worked in the past – using as many data points as possible – and what it spits out is a set of the most likely outcomes for how yours will work into the future and how you might be able to optimize it.
And, like we’ve said, more and more companies are getting ahead using the power of historical data and analytics. By 2022, the global reach of predictive analytics is expected to grow to almost $11 billion, according to Zion Market Research, as it’s already been growing at an astounding compound rate of 21%.
Predictive analytics revenues/market size worldwide, from 2016 to 2022(in billion U.S. dollars)
Ways to See the Future of Your Campaign
Key Takeaways
There are massive amounts of data to analyze in fields the world over, and how to blend using this data with industrial know-how can be difficult for many companies. That’s why Dataroid features algorithms and artificial intelligence that blends these together to predict future behavior in remarkable ways. This holds just as true in marketing as in any other field, so if you’re looking to see which company is on the rise – in any field, from sports, to agriculture, to health care – just see which one is hooked most into investing in predictive analytics and you’ll have found which business is best at predicting the future.
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