Predictive analytics is improving the world of business, health, science, and marketing. The ability of predictive analytics to accurately predict the future using historical data has made it a must-have in every type of organization. Predictive analytics utilizes several tools like IBM, Microsoft, SAS Institute, and Q Research to analyze historical data to predict the future. Its purpose is to help organizations meet better decisions. Predictive analytics helps organizations predict consumer behavior, thus, giving them the best tool to place them ahead of the competition.
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Neuroscience is a science that deals with how people arrive at decisions and make choices. To achieve this, experts in this field, neuroscientists, observe and analyze people’s brain activity as they are faced with decision-making and presented with choices.
At its core, the success of every marketing campaign lies in its effectiveness in successfully convincing potential customers to buy the advertised product. Through results from brain imaging research by neuroscientists, market researchers have identified several effective marketing strategies increase prospects and improve conversion. Here are some of them.
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In a general sense, a cluster is a term used for a group of similar objects or people existing or occurring closely together. Usually, within a larger population of similar and dissimilar data objects, clustering focuses on grouping these objects into smaller groups.
Today, the concept of clustering is widely applied in business analytics. Businesses are tasked with the challenge of identifying patterns in the vast, unstructured data they collect and organizing them into sensible structures. In other situations, they also have to extract smaller homogeneous groups from a larger heterogeneous population.
With cluster analysis, an exploratory data analysis tool, businesses can explore vast, unstructured volumes of data, and sort data objects into groups according to the degree of association between them.
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Hyperbolic discounting is a tool that’s being utilized by neuro-economists and advertisers to determine the customers’ preference between varying options based on value and time. The anchoring theory revolves around the certainty that a consumer’s behavior would be altered if the reward time of any good, service, or product is pushed further in time. To put more plainly, hyperbolic discounting holds that consumers would pounce on high prices for goods that’ll arrive sooner than wait for a cheaper price for goods that’ll arrive much later.
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Modern Technology has infiltrated every component of human civilization and advertising is not left out. Marketers and Artificial Intelligence researchers have since incorporated deep learning algorithms into the delivery of adverts to existing and potential consumers across various platforms, using existing data. However, an undeniable level of bias thrives under the algorithms, thereby, altering the goals and intentions of targeted ads. Also, the bias being perpetrated by existing designs of deep learning is somewhat discriminatory and doesn’t reflect the views of modern socio-political events.
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