“Yesterday is history, tomorrow is a mystery, and today is a gift… that’s why they call it present.” – Master Oogway
Human beings have always been fascinated by Tomorrow. We have astrologers, psychics and palm readers trying to predict what will happen tomorrow using “super-natural” powers.
Until recently, most of such prediction efforts have not been positive or consistent, and if someone had predicted something accurate, it has always been more of luck than science. If prediction using super-natural powers were true, most of the millionaires in our world would be the astrologers.
However, as technology impacts every aspect of our lives, it is also creating an impact in predicting the future, with reasonable accuracy. With mathematics, big data and predictive analytics, predictions can be made on the foundation of science. No one can predict the future with 100% accuracy, but a hazy view of what’s going to come is better than blindness any day.
In this article, let us look at how much predictive analytics has evolved and if it has a role to play in the field of digital marketing. Before we dive into predictive analytics for digital marketing, we need to understand how prediction works in the first place, the tools and data we need, and most importantly, its limitations.