You’ve come a long way with being able to use data to explain performance and results, but as everyone knows, past performance doesn’t equal future results. You know that taking actions like changing your product mix, raising prices or running a promotion will impact your customers, but you don’t know exactly how. As a result, making those decisions involves a lot of risk.
What if you had better insight into the future to inform your business decisions? What if you knew in advance how many new customers you could get with a discount or promotion? What if you could increase your price with confidence that it wouldn’t cause a steep decline in volume? With predictive analytics, all of these things are possible.
Predictive analytics use your customer and transaction data to predict future customer behavior to tell you how they will respond to your actions. Predictive analytics can tell you how customers will respond to a price change or a discount, what additional products they might purchase, or what bundles they might buy. These powerful analytics can also predict the return on investment for marketing and advertising campaigns, or tell you which type of promotion will be the most effective.
Whether you’re just getting a handle on your company’s data or you’re already using advanced analytics to make better decisions, there’s always an opportunity use predictive analytics to increase your chance of success and reduce the risk of negative outcomes. At Revenue Analytics, our cloud platform has dozens of predictive analytics modules that we can deploy to help you make better decisions in key areas like pricing, discounting, promotions, bundling, media spending, and more. Armed with predictive analytics, your team can take the risk out of these tough decisions and have the confidence that they will drive revenue growth.