By 2030, Big Data (the masses of information generated by our activity online) will take the power of predictive analytics (the art of using information to predict future actions) and its role in marketing products and services to a whole new level by creating opportunities to understand the needs of individual consumers and serve them in a much more personally relevant way. Sophisticated and highly targeted marketing media will be delivered online directly to potential customers so that it is easy for them to virtually experience and purchase products and services that meet their needs in a way that is consistent with their preferences and the emotions they wish to experience as part of their desired lifestyle. Learn more about how Big Data is Reshaping Marketing.
An important aspect of the Purchase Prediction Analyst’s job is to distinguish between “hits” and “misses”
The depth and richness of data available to Purchase Prediction Analysts will be the starting point for creating multi-variant profiles of potential customers along with their predicted purchase sequences. This information will help Multi-Marketers matching customer profiles to products and services that will meet the needs and preferences of those customers on very personalized, individual level.
A Purchase Prediction Analyst works with big data (with the help of one or more Big Data Wranglers) to identify patterns in the purchase sequences, likes, dislikes, preferences and values of consumers participating in the online space. An important aspect of the Purchase Prediction Analyst’s job is to distinguish between “hits” and “misses”, a “hit” being a purchase that results in high customer satisfaction and a “miss” (or “near miss”) being the purchase of product or service that does not satisfy the customer’s need. All this information enables the Purchase Prediction Analyst to describe small groups of consumers who make similar purchases or who are likely to make a similar sequence of purchases based on what they have in common – these descriptions are called niche profiles.
A Purchase Prediction Analyst’s ability to determine and explain how and why “hits and misses” happen will have as much to do with their understanding of psychology and sociology as it will their ability to interpret the data. This understanding will help shape both the marketing campaigns used to sell as well as the development work that creates new and improves existing products and services.
A Purchase Prediction Analyst is comfortable working with data and skillful at seeing the patterns within large amounts of information. They enjoy solving puzzles. A Purchase Prediction Analyst must also have a strong understanding the human and cultural motivations behind the actions and expressions captured in the data to be able to provide the insight necessary to assist marketing professionals in creating effective campaigns that benefit both the sellers of products and services as well as the customers they serve.