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Customer Targeting With Predictive Modelling
Predictive Analytics is an advanced form of analytics techniques in the field of Data Science, Predictive Analytics mode helps the Data Scientists in making accurate predictions about the occurrence of any event by analyzing its historical data. Predictive Analytics makes analyzes the information from data sets to recognize patterns, find out the unknown correlations forecast trends, find associations, etc. As it Predictive Analytics helps in making accurate predictions & based on these predictions, business stakeholders can make accurate data-driven decisions.
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Enterprises can avail numerous benefits by implementing Predictive Analytics models in their business. Now in this post, let’s us take a close look at how enterprises are benefited from Customer Targeting technique in Predictive Modelling.
- Customer Targeting
Customer Targeting is nothing but a simple process of dividing a customer base into groups of individuals who are having many similar aspects. This type of grouping approach is very much applicable for optimizing the marketing strategies. With this approach, marketers can effectively target ads for each individual group.
By building tailored marketing strategies for individual groups simply increasing the overall chances of getting the products sold. .
Enterprises can accurately identify potential customers which unlike in the case of traditional techniques.
The benefits of this type of approach in business are
- Improved customer interaction
- Accurate marketing strategies that can boost the overall returns
- Saves a lot of time in building marketing strategies
The best example for this type of approach would be the direct marketing campaigns of a banking institution. This approach in Predictive Analysis helps the banking institutions to predict which clients are more likely to subscribe a term deposit.
Get to know more in-depth about the other applications of Predictive Modelling in business by being a part of Analytics Path Data Science training program.