New marketing channels are emerging, such as digital and social media. As a result, finding the right mix of campaigns and promotions has become more challenging. To ensure maximum return on marketing investment, marketing professionals must know what has been working, and what is likely to work in the future.
With predictive analytics, marketing departments can analyze the success of past marketing campaigns to identify areas in need of improvement based on prior results. They can also assess the viability of new marketing venues, perform “what if” scenarios to evaluate potential changes to budget allocations or modifications to creative content, and measure each campaign’s likely impact on the sales pipeline.
Historic assessments
Historic assessments of a brand or category, as well as past campaigns, improve planning and execution of future initiatives.