Magazine: Predictive analytics can make a promotion successful already in the planning phase

This means that it has become more important than ever before to have a marketing strategy that is made up of the most effective elements, in order to reach consumers, to communicate with them and to serve them.

According to research results from Forbes Insights and Cisco from 2018, only 12 percent of companies that buy data process and use the information they get efficiently. Some of the information can be used not only to describe what happened in the past – such as with KPIs – but if processed using predictive analytics, they can be used to forecast results for the plans being made. This type is called KPPs. KPPs are capable of providing decision-makers with possible market scenarios and consumer behaviours, helping in making better business decisions.

Using various technologies including artificial intelligence, data on the most successful promotions, the best prices and the best-selling products from a former period, calculations are done and recommendations are made for a future period, e.g. which promotional directions should be taken, what prices should be set, etc. Working with both KPIs and KPPs makes planning – and therefore promotions – more efficient. //