Wouldn’t your job be so much easier if you had a crystal ball that could help you more accurately identify future prospects? Of course, it would!
And guess what? There is a process that can help you build mailing lists toward that end. The process is called Predictive Modeling. There’s no magic involved, just technology and smart analytics.
Predictive Modeling: What it is and How It Works
Simply put, Predictive Modeling is a process to create a statistical model of future behavior. Data is mined and analyzed to forecast probabilities and trends based on predictors, which are variable factors that are likely to influence future behavior.
Predictive Modeling is used to analyze databases to find new customers, members or donors who fit the profile of your targeted audiences. When done right, Predictive Modeling is a cost-effective way to help an organization find new members. It’s a great way to be more efficient using oftentimes limited resources.
Predictive Modeling is a cost-effective way to help an organization find new members. Click To TweetOperating Predictive Modeling
An organization needs a staff member who has the technical and analytical skills to collect information on the data, build the models and communicate the results. This person makes sure the correct information is being collected and the proper information is being communicated.
If you don’t have such a person on your staff, one solution is to hire one; although that will take a big bite out of your budget. Another solution is to hire an outside agency to conduct Predictive Modeling for your organization, which is something more and more nonprofits are doing.