Traditionally, businesses have relied on historical data to make informed decisions. As technology has improved over the years, businesses have been able to process and analyze larger amounts of data, leading to better insights. However, the introduction of machine learning is proving to be a complete game changer.
Machine learning algorithms have enabled a shift from simply analyzing the past to now predicting the future. By looking at patterns, user behaviors, and trends from historical data, machine learning models can make accurate predictions about future outcomes. This not only saves time, but also provides businesses with a proactive approach to decision-making.
Modern data platforms, such as Launchpad, make it easy to plug in data from various sources, such as Google Analytics. With a few simple clicks, the machine learning models can analyze your datasets, forecast performance, and create easy-to-read visualizations that generate smarter business decisions.
Forecast Using Google Analytics Data
In the following example, we demonstrate a machine learning model in Launchpad that has been trained with historical data from Google Analytics in order to produce a forecast for 2024. Variables such as digital marketing budget are assumed to remain constant, providing a benchmark for the likely results if nothing about your investment or strategy changes.
This is where the fun begins. If you're like us, then you'll naturally want to beat your forecast. Beating your forecast doesn't mean the forecast wasn't accurate. That's because the forecast was based on certain variables staying the same. Rather, it typically means you actioned the forecast data and modified variables that were assumed to remain constant. In other words, you looked at your forecast and adjusted your strategy accordingly in order to maximize performance.
Action Your Forecast
When you include channel-level and campaign-level detail in your model, you can derive an accurate projection of performance and ROI from paid tactics. Using this information, you can now rethink running low-performing campaigns, or you can shift funds into higher-performing campaigns that otherwise might have left eligible clicks and impressions on the table.
Start Forecasting Now
Forecasting data has never been more affordable and accessible. Our suite of products are designed to help you extract various datasets so they can be analyzed by our machine learning models and visualized in an easy-to-digest format. Contact us today if you're ready to see your future and change it.
