How to Make Predictive Analytics Work for Your Business
If used right, predictive analytics can take the guesswork out of understanding your customers so you can maximize sales opportunities.
By Mikal E. Belicove •
Opinions expressed by Entrepreneur contributors are their own.
Q: How can I incorporate predictive analytics into my business?
A: Say I run a pizza shop. If I knew exactly how many cheese, pepperoni or veggie pizzas I was going to sell on a given shift, I could have those ingredients on hand, and maybe even make them ahead of time, so the customers get their pies fast. And if I knew that half my customers order a large soda with their pizza, I could offer them a pizza/soda special to keep them coming back.
The goal of predictive analytics is to take the guesswork out of understanding your customers so you can maximize every sales opportunity, according to Mike Leikin, manager of data and cloud operations for iSeatz, a New Orleans-based company that provides custom online travel and entertainment solutions. We asked Leikin for his take on the promise of data-driven crystal balls.
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