When marketers hear “predictive analytics,” the first use case that typically comes to mind is identifying the customers most likely to buy. That is a great one, it drives efficiency, conversions, and revenue, but it isn’t the only capability. There is also the power of time series forecasting for marketers, which focuses on the timing of campaigns, events, or opportunities.
As a marketer, you know your business’s seasonality. You know from your dashboards and reports the cycles and trends of the business. However, those reports only tell you what has already happened. Additionally, depending on the granularity of the reporting, it could be influenced by anomalous data points. Time series takes all data points into account the predict future performance down to the granularity that suits your business.
How you can use time series:
As you accumulate more historical data, it can get added to the model for updated results. With an automated solution, these forecasts can be updated at scheduled intervals without the additional support of and data scientist or MLOps engineer, ensuring that the marketing team uses up-to-date information to plan and execute their campaigns.
Last summer, Squark released one of the first automated time series solutions. Since then, many additional features, functionality, and reporting visuals have been added to the platform.
Among the highlights are outlier and anomaly detection and handling. Squark has nine new algorithms to detect outlines and anomalies and assign them a confidence score. In addition, the user in the platform can either set the platforming to automatically process the outliers (smoothing out the variables) or select from other options for how to handle the processing of the anomalous data. These features, and others, improve the accuracy and confidence of the results so the marketers can take the outcomes and build strategy and take action.
The power of time series forecasting for marketers is knowing the when for their targeting and avoiding potential bumps in the road.
Click here to see a Squark demo today and start forecasting future outcomes to drive your business forward.
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