Predictive analytics helps to drive results in uncertain market conditions

Predictive analytics helps drive results in uncertain market conditions

Nowadays, marketers are having to deal with extreme uncertainty due to the impact that Covid-19 has had on the majority of industries. Strategies are reevaluated and plans are pivoted over and over again. With the majority of companies’ marketing efforts now being digital, marketers are facing a huge influx of data collection across multiple channels.

In times of uncertainty such as these, scenario planning is critical to combat the uncertainties of the future. The most crucial ingredient for effectively planning scenarios is knowing how to use your data. When used correctly, data can offer a doorway to current trends, it can help avoid costly errors in decision making, and aids in charting a way forward. The obstacle most companies are facing is that data can be challenging to collect and maintain (we’ve all seen the CRM with dirty data). It’s usually with the help of technical experts such as data scientists, that companies are able to extract insights from their data and create accurate predictions. 

If you don’t have a team of data scientists, not to worry, because no code predictive analytics is bridging that gap and helping marketers understand their data to help craft and design winnings strategies during these uncertain times. 

Here are 3 ways no-code predictive analytics is navigating the ‘COVID’ era:

1. Responding to Ever-Changing Customer Preferences

Marketing departments are seeing major changes in consumer behavior. Changes in the way consumers interact with brands, changes in preferences and purchasing habits and so on. Some of these changes in behavior could be temporary due to current circumstances. Others, however, may reveal themselves to be long-lasting. 

As a result of these constant changes in customer behavior, our data is also changing and adapting. Predictive models created just a few months ago, are no longer accurate and have to be updated manually by data science teams. Updating models could take months which could lead to a never-ending cycle of outdated insights. No code predictive analytics is solving this problem by allowing marketers to generate the most advanced models and predictions in a matter of minutes. This gives teams the advantage of predicting data as fast as it changes. Ultimately, meeting our consumer’s preferences and building loyalty in the nick of time.

2. Allowing for Personalization at each Touchpoint

The customer’s journey has changed due to this current pandemic. It’s become important to meet customers’ new expectations and ways of interactions. However, touch-points throughout the journey still remain to be an opportunity to engage with the customer and align resources more quickly. In order to reach potential customers at various touch-points, marketers will need to use the influx of new data to better personalize messages and offers. By adding predictive analytics, marketers can transform data into insights to essentially personalize services, offers, and products to their audience, outmatching the competition. This helps guide customer interactions throughout the buyer’s journey and lead to more conversions.  

3. Efficient Budgeting

No code predictive analytics is not only useful when trying to predict a future outcome such as, “when is my customer going to buy from me next?” or “which service is my client most likely to buy?” No-code predictive analytics software such as Squark will tell you why these outcomes will occur. By incorporating explainable artificial intelligence (XAI), Squark is going to tell you what the main drivers are for the predictions. This power of explainability can help guide some data-backed attribution modeling. AI decisioning becomes transparent for business users.

For example, you could ask, are more people interacting with our boosted social media posts or should we focus on webinars to help drive sales? If more people in the sales process have been associated with certain programs along their buying journey than using predictive analytics can uncover which would produce the most sales. Knowing how to attribute marketing efforts, budget expenditure can be allocated more wisely to channels that can generate a better return. As you prepare for the next quarter, forecasting necessary budgets has never been easier than doing so with predictive analytics.

These are only a few ways in which no code predictive analytics is helping companies navigate and drive results, even during these uncertain times. Marketers and business leaders can take advantage of the new digital space we are entering by being early adopters. Data doesn’t need to intimidate you and you don’t need an army of data scientists. Early adopters of no code predictive analytics will pave the way and have the advantage over competitors by constantly driving results. Read more about how Squark is helping marketers succeed.

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