Predictive analytics – powered by Artificial Intelligence (AI) and Machine Learning (ML) is the next big trend in the communication industry. Companies leverage the technology to mine complex data, identify common patterns and predict future trends. Predictive analytics is a boon for communication professionals. It helps to study consumption patterns, belief systems, preferences of audience, and design brand promotion campaigns. The technology can also help in identifying potential crises and implementing preventive measures.
What is Predictive Analytics?
Predictive analytics is a technology that makes predictions about future trends. It uses data analytics and modelling techniques to identify common patterns and make predictions. The use cases of Predictive analytics, is increasing across the industry verticals. According to Allied Market Research, the global predictive analytics market size valued at $7.32 billion in 2019 will reach $35.45 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027. IBM defines Predictive analytics as to the branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modelling, data mining techniques and machine learning.
Companies employ predictive analytics to find patterns in this data to identify risks and opportunities. Industries such as Insurance, Advertising and Marketing, Aviation, E-Commerce etc., use Predictive Analytics to design their products and offerings and make decisions. It also helps in weather forecasts, Healthcare and even Child Protection. Predictive Analytics will become the core of PR work, and communication professionals will leverage the technology same as social media and google analytics to design communication campaigns.
How Predictive Analytics Influence PR?
Identify Trends: Some trends emerge and die down soon, whereas some influence the industry. Predictive Analytics will help communicators identify future trends likely to capture the audience attention. It will help them in curating the marketing plan. They can also advise their brands/clients on business expansion, diversion and crisis preparedness etc.
Audience Segmentation: Predictive Analytics tools can help marketers in customer segmentation and targeting through real-time audience data. They can customize campaigns for target audience groups based on their behavioral patterns. Predictive analytics can also help design the products/ services to meet future demands. It can also help to identify current gaps and enhance customers’ stickiness.
Decision Making: Predictive Analytics can empower decision making based on a data-driven approach. Marketers can set a specific goal or a problem and leverage the technology to find the possible outcome. The tools can also help process large and complex data to get unbiased results.
– Priyanka Pugaokar
This article of Priyanka was originally published on her blog page here
Priyanka Pugaokar is an Alumna at the School of Communications and Reputation (SCoRe) Fall Batch of 2022 of the PG Programme in PR and Corporate Communications.
She is a communications specialist with 10 years of experience in Journalism and Corporate Communications. Her core competencies include content creation, media relations, internal and external communications, strategic planning, and event management. Currently, as Marketing Manager at Rashi Peripherals Pvt Ltd, she drives PR campaigns, brand communication, internal communication, and special projects.
Priyanka is a blogger and writes for Passion to Explore (blog) and Reputation Today. She is an avid traveler and likes to explore less known places and cuisines. She also has a special interest in Psychology, Yoga, Healing, and Naturopathy.
She can be reached on Twitter here and on LinkedIn here