A Predictive Analytics Tool Can Create Room in Your Budget

Yes, software services cost money, and there are some expensive options, but hear us out because we’re confident that the right tool predictive analytics tool can create room in your budget. 

First, a refresher for those who need it, predictive analytics is a variety of statistical techniques gathered from predictive modeling, machine learning, and data mining that analyze current and historical facts to make predictions about future or otherwise unknown events.

What Predictive Analytics Can Do for Your Marketing Budget

Predictive Analytics can tell you the next action your customers are likely to take so you can target those whom you are able to impact and not waste resources on the rest.

Take UPMC as an example. UPMC, or the University of Pittsburgh Medical Center, is a $23 billion nonprofit healthcare provider and insurer in Pennsylvania, New York, Maryland, and several locations internationally. Using Squark’s no-code predictive analytics solution, they were able to take their targeting for their living donor liver transplants (LDLT) program from 1 in 10,000 to 1 in 75 to get results. Additionally, the team was able to generate the predictions that led to the improved targeting strategy in one day instead of waiting months for the data science team.

Those results have allowed them to run more campaigns and experience to get the most value possible out of their budget. 

“When you’re a marketer, and you’re [targeting is] going from 1 in 10,000 to 1 in 75, it lets you stretch what you’re able to do with those dollars…Instead of doing one of those [campaigns] a year, I can look at doing 4, 5, 6 a year of these really targeted programs a year and really deliver value.” – Jake Collins, Director of Marketing Intelligence at UPMC. 

Putting Your Marketing Savings and Efficiencies to Work

The real impact is in applying the learnings to make your marketing strategies, programs, and campaigns more effective by driving more conversions while also spending less money.

The efficiencies gained in time and money are allowing marketers to spend more time on the more creative part of marketing, like testing out new theories and programs to get to the next level.

“[With Squark], the cost of analytics has become low enough that there is less of a fear of failure. We can chase hunches which I think is part of the reason I get interested in new models, new tools, and new ways of doing things because it provides my staff the opportunity to stretch their legs and be curious and see what might be out there. I think that’s where the bulk of innovation comes from in analytics.” – Jake Collins

Takeaway: The right no-code predictive analytics is both affordable and powerful. It can find opportunities and risks in your existing programs to improve strategies and get the most value from your existing budget.

Contact our team today to schedule your free demo and discuss how Squark can create room in your marketing budget.