It’s good to know what your peers are doing, especially when it comes to new technologies and tactics. If it turns out that a hot new tool isn’t all that it’s cracked up to be, it’s better to find out before investing in it. On the other hand, you’d be kicking yourself if your business were missing out on a truly revolutionary new approach. That’s why I like to share benchmark reports on this blog – I want to help companies like yours understand the current lay of the land when it comes to new tools and techniques and what you can expect from them.
Econsultancy and RedEye teamed up to release their Predictive Analytics Report 2016, which was based on an online survey of almost 400 digital marketers and eCommerce professionals. They then put together this handy infographic that talks about some of their key findings.
Organizations were asked about their current use of predictive analytics as well as their strategies and expectations. The research also looks at how well the tools work and the barriers that can stop companies from really getting their money’s worth. So where does your company fit in? Let’s take a look at what the report had to say.
More companies are using predictive analytics.
- 40% of companies currently use predictive analytics or plan to start within the next year
- 1/3 of companies use in-house solutions and have control over their data
- 18% use third-party vendors that specialize in analytics
- 99% of companies using predictive analytics consider it important to their company’s future, with 32% regarding them critical and 48% very important
Companies need to better prepare to use these tools.
- Only 7% of companies polled feel that their organization is sufficiently resourced for predictive analytics
- 61% say that they are significantly under-resourced
Predictive analytics can offer a range of benefits.
- 53% of companies using analytics report a significant boost to sales
- Other reasons that companies give for their increased spend on predictive analytics include getting a better understanding of their audience, improving their insight into the customer journey, and targeting segments with relevant offers
I hope that you found this infographic as interesting as I did. If your company has been using predictive analytics, how has it affected your sales or customer insights? Let me know in the comments!