{"id":6739,"date":"2020-01-09T12:32:50","date_gmt":"2020-01-09T12:32:50","guid":{"rendered":"https:\/\/www.kolabtree.com\/blog\/?p=6739"},"modified":"2020-01-09T12:36:13","modified_gmt":"2020-01-09T12:36:13","slug":"5-ways-predictive-analytics-can-help-startups","status":"publish","type":"post","link":"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/","title":{"rendered":"5 Ways Predictive Analytics Can Help Startups Grow"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_45_1 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69f16544a410e\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69f16544a410e\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#What_Is_Predictive_Analytics\" title=\"What Is Predictive Analytics?\">What Is Predictive Analytics?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#How_Can_Predictive_Analytics_Help_Startups\" title=\"How Can Predictive Analytics Help Startups?\">How Can Predictive Analytics Help Startups?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#Predictive_Analytics_in_Action\" title=\"Predictive Analytics in Action\">Predictive Analytics in Action<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#1_Customer_Service_Improvements\" title=\"1. Customer Service Improvements\">1. Customer Service Improvements<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#2_Better_Demand_Preparedness\" title=\"2. Better Demand Preparedness\">2. Better Demand Preparedness<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#3_Optimized_Product_Management\" title=\"3. Optimized Product Management\">3. Optimized Product Management<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#4_Targeted_Marketing\" title=\"4. Targeted Marketing\u00a0\">4. Targeted Marketing\u00a0<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#5_Product_Quality_Enhancements\" title=\"5. Product Quality Enhancements\">5. Product Quality Enhancements<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/#Combine_With_AB_Testing_for_Maximum_Success\" title=\"Combine With A\/B Testing for Maximum Success\">Combine With A\/B Testing for Maximum Success<\/a><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\"><em>Startups use data analytics to streamline their processes, target specific audiences, identify opportunities and achieve quick growth. Here are five ways <a href=\"https:\/\/www.kolabtree.com\/find-an-expert\/subject\/predictive-analytics?utm_source=Blog&amp;utm_medium=Post&amp;utm_campaign=Predictive-Analytics-Startups\">predictive analytics<\/a> can help startups and SMBs.\u00a0<\/em><\/span><\/p>\n<p>It\u2019s a competitive world out there, even more so for budding businesses. Among the sea of already established organizations and brands, there are just as many \u2014 if not more \u2014 new operations springing up each day. It means that any startup, big or small, absolutely must gain a leg up if it has any hope to succeed.<\/p>\n<p><span style=\"font-weight: 400;\">It ties directly into one of the most important aspects of any successful business, which is creating a sustained or perpetual system of growth. It\u2019s especially crucial for a new company not just to see a few wins here or there, but continual support from a growing customer base. Without that, there\u2019s no way a startup can spread its wings and fly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, it\u2019s also an incredible challenge to build a support system for a new business, earning continual revenue. To make matters worse, in today\u2019s landscape, customers want instant gratification. Brands must adapt to deliver when, where and how their audience wants service. Many people are quick to try a new company, especially those that offer additional benefits at a lower price, yet just as ready to discard them after a poor or mediocre experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Predictive analytics and <a href=\"https:\/\/www.kolabtree.com\/find-an-expert\/subject\/machine-learning?utm_source=Blog&amp;utm_medium=Post&amp;utm_campaign=Predictive-Analytics-Startups\">m<\/a><a href=\"https:\/\/www.kolabtree.com\/find-an-expert\/subject\/machine-learning?utm_source=Blog&amp;utm_medium=Post&amp;utm_campaign=Predictive-Analytics-Startups\">achine learning<\/a> is the answer because it allows a business to understand its customers fully.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Predictive_Analytics\"><\/span><b>What Is Predictive Analytics?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Analytics is a rather broad term that refers to a range of statistical information that can be applied in various ways. Data analytics <\/span><span style=\"font-weight: 400;\">deals with digital content<\/span><span style=\"font-weight: 400;\"> \u2014 collected over time via metrics tracking solutions \u2014 that is mainly amassed, analyzed and extracted. The primary goal of the entire platform is to come up with actionable intel that can inform existing or future operations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be more specific, predictive analytics is a similar technique that involves using collected data to build accurate models of future events. One might do things like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Forecast stock or investment prices<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Estimate demand changes for products and goods<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Identify the source of major losses such as theft or fraud touchpoints<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Predict new customer opportunities, including new demographics for marketing campaigns<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A critical component of predictive analytics is that it\u2019s not a faith-based system. Instead, predictive models are wholly accurate, because they\u2019re built from a substantial database of current, valid information. In other words, while there are no guarantees, it\u2019s about as close as one can get.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Can_Predictive_Analytics_Help_Startups\"><\/span><b>How Can Predictive Analytics Help Startups?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<blockquote><p><span style=\"font-weight: 400;\">Imagine understanding precisely what customers want, or how they\u2019re going to react to a particular decision or product launch. Consider a solution that can tell in incredible detail how to target or engage with a subset of an audience.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">That\u2019s what predictive analytics can do. A proper system will utilize machine learning to understand data it\u2019s ingesting. It generally contains historical information, mainly performance-based, which helps make sense of present data and informs future predictions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Essentially, data is a currency because, without it, the predictive models cannot exist.<\/strong> The trick is collecting enough information to put together solid models, especially for new startups with small customer bases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The solution is still a predictive analytics program, just one that\u2019s service-based and offered by a major provider such as IBM or Amazon. Analytics providers have well-tested platforms in place that have been optimized with the help of larger existing businesses or partners. There are several <a href=\"https:\/\/www.kolabtree.com\/blog\/9-powerful-data-science-and-analytics-tools-for-small-business\/\">analytics tools<\/a> that can be used by small businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main selling point of predictive analytics is that it helps businesses, big and small, achieve continual growth. Since growing a company is no small feat, any operation that hopes to build a future-proof system must focus on it. Perpetual <\/span><span style=\"font-weight: 400;\">expansion helps develop the necessary foundations<\/span><span style=\"font-weight: 400;\">, which ultimately lead to future success.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Predictive_Analytics_in_Action\"><\/span><b>Predictive Analytics in Action<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">One question remains: How can a small business utilize predictive analytics and machine learning?\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Customer_Service_Improvements\"><\/span><b>1. Customer Service Improvements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Even the most successful companies still have a lot to learn from their customers, particularly in what they want in terms of support. Do they want same-day or fast delivery options, for example? Is it necessary to launch a live, always-on communication channel? Are the company\u2019s products and services meeting customer needs, and if not, what has to change to make it so?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By ingesting and extracting insights from customer performance data, businesses can really dig into the needs of the average consumer.<\/span><\/p>\n<p><strong>Also read: <a href=\"https:\/\/www.kolabtree.com\/blog\/5-companies-using-big-data-and-ai-to-improve-performance\/\">5 Companies Using Big Data and AI to Improve Performance<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Better_Demand_Preparedness\"><\/span><b>2. Better Demand Preparedness<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Most companies experience a lull in demand offset by significant increases throughout the year, primarily because of the current season. Other factors play a role as well, including prices, current events, new product launches and more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Predictive analytics can help plan for demand trends, allowing a business to better prepare for the shifting tides. When demand drops, inventory replenishment processes will slow to reduce waste and lower costs. Adversely, when it skyrockets, then everything can be scaled up to address the change. The best part is that machine learning solutions can help automate a lot of the operations.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Optimized_Product_Management\"><\/span><b>3. Optimized Product Management<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While startups may generally launch with just one or two products, over time, it makes sense that inventory would expand. The problem with product launches is that there are never any guarantees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, predictive analytics can help discern whether or not planned launches are going to sell, and whether or not customers will be receptive to new ideas. That\u2019s important, especially for startups with limited capital, because it\u2019s necessary to reduce the risk of failure and losses. One boggled launch often means the difference between a stable or failing business.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Targeted_Marketing\"><\/span><b>4. Targeted Marketing\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Usually, a startup focuses on a niche or smaller audience segment and then eventually branches out after meeting with success. It limits risk, but it also provides a much safer route of growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a predictive analytics system, however, businesses can understand potential audiences in greater detail. Not only does this mean fine-tuning experiences and marketing to a specific group, but also branching out to new demographics. The analytics solution can dig in and find new customers that might be interested in a product, and may even have some suggestions on how to engage or target them.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"5_Product_Quality_Enhancements\"><\/span><b>5. Product Quality Enhancements<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Sometimes, when it comes to developing a product or choosing suppliers, the quality of applied materials makes all the difference. Swapping from one supplier to another, for example, might result in a quality drop for produced goods.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The changes in quality might not always be apparent, at least not without customer feedback. That\u2019s where predictive analytics can help. Data tools can discern whether or not specific changes will be good or bad, how customers might react and more. It can also be used to scoop up and summarize customer feedback faster when there is a major change. The result is a more reactive business in terms of generating customer satisfaction.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Combine_With_AB_Testing_for_Maximum_Success\"><\/span><b>Combine With A\/B Testing for Maximum Success<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While predictive analytics might help businesses gain a better understanding of what customers are doing and how, the why still tends to remain a mystery. That\u2019s where causal inference <\/span><a href=\"https:\/\/medium.com\/elfsight-blog\/how-to-run-a-b-testing-a-checklist-youll-want-to-bookmark-99c75aa9860b\"><span style=\"font-weight: 400;\">or A\/B testing comes into play<\/span><\/a><span style=\"font-weight: 400;\">. By combining the two practices \u2014 predictive analytics and A\/B testing \u2014 a business can become a tour de force.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s all about anticipating the needs of existing and potential customers to build positive growth. In the end, a sustained channel of support is what helps any business stay afloat. Predictive analytics is a necessary foothold for achieving such a thing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Kolabtree\u2019s global pool of <a href=\"https:\/\/www.kolabtree.com\/find-an-expert\/subject\/data-analysis?utm_source=Blog&amp;utm_medium=Post&amp;utm_campaign=Predictive-Analytics-Startups\">freelance data analysts<\/a> and <a href=\"https:\/\/www.kolabtree.com\/find-an-expert\/subject\/machine-learning\">machine learning consultants<\/a> have helped several startups and small businesses use predictive analytics and forecasting to improve business. It&#8217;s free to post your project and get started.<\/strong><\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Startups use data analytics to streamline their processes, target specific audiences, identify opportunities and achieve quick growth. Here are five ways predictive analytics can help startups and SMBs.\u00a0 It\u2019s a competitive world out there, even more so for budding businesses. Among the sea of already established organizations and brands, there are just as many \u2014<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.kolabtree.com\/blog\/5-ways-predictive-analytics-can-help-startups\/\" title=\"Read More\">Read More<\/a><\/div>\n","protected":false},"author":12,"featured_media":6741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[317,398,433],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.1 (Yoast SEO v20.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Ways Predictive Analytics Can Help Startups Grow - The Kolabtree Blog<\/title>\n<meta name=\"description\" content=\"Predictive analytics can help startups get on a level playing field as their competitors. 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