In the last post, we examined the output of an S-ARIMA-based prediction. Let’s now dig into the most important part of predictive analytics: planning and acting. The Power of Predictive Analytics The power of predictive analytics is our ability to forecast with greater accuracy and specificity than generalized, “gut instinct” predictions. We know when something…
In the last post, we examined different methods for identifying which variable to predict. Once we’ve made a sound, data-driven assessment of what variables matter most to us, we build a predictive model around it. Predicting Ahead To create accurate forecasts, we must use software built for the explicit purpose of time-series prediction. The generally-accepted…
In the last post, we examined different ways to prepare data to counteract known, common problems. Let’s turn our eye towards picking which data to predict. Picking Variables Picking a variable to predict is a blend of both human insight and machine analysis. The best comparison I know is that of a GPS app. We…
In the last post, we examined the basics of extracting data from various data stores and the different types of datasets we have access to. Let’s now look at the process of preparing data. Three Data Challenges In the preparation of our data, we typically face three challenges: Missing data Corrupted data Irrelevant data To…
In the last post, we looked at the consequences of having poor process in our predictive analytics practice. Let’s look at the first step of that process now. Pull If data is the new oil, pulling data is analogous to drilling and extracting oil from the ground. We need to identify what data sources we…
The Predictive Analytics Process: Introduction While we understand the value of predictive analytics, the ability to see into the future with specificity and precision, we are often unclear on the process to develop predictions. As a result, our predictive analytics outputs are often incomplete, lacking context, or difficult to understand. Introduction: Where Predictive Analytics Goes…
While we tend to think of the web and social media as the most data-rich digital marketing channels to apply predictive analytics to, every channel, every discipline, every strategy benefits from predictive analytics. Consider the workhorse of digital marketing, email marketing. Email marketing has long held the crown of maximum ROI, with figures such as…
Few software packages for marketing are more widely adopted than Google Analytics™. It’s the gold standard for businesses large and small that want to measure what’s happening on their owned media properties like websites, eCommerce storefronts, and content hubs. Yet, as with so many other marketing measurement tools, Google Analytics tells us what happened. It’s…
Few things are as compelling to marketers as the promise of prediction. Every marketer wants to know what will happen; what has happened is of less interest because we can’t change the past. If we knew what was likely to happen, we could plan in advance for it. Suppose we knew what was going to…
