Three Common Analytics Techniques in Use. 

Diagnostic analytics is the action of using data to figure out causes of trends and correlations between variables. It is a process that can be used to find the reasoning behind a products’ demand though it is limited in its use as it is only capable of looking over data that already exists and not consider the possibility of future events (Catherine Cote, 2021). This form of analysis can be carried out by a user manually, through an algorithm or by a statistical software such as SSPS Statistics (Ritinder Kaur, 2022). 

Much like the name suggests, predictive analysis is an advanced form of analytics which is used to predict future outcomes that may occur. This process is done by assessing historical data and using that to discover patterns and trends and then forming a prediction on what outcomes may occur in future. Downsides to this are that it is very heavily reliant on technology and requires a large amount of data to get a good picture formed; Not to mention the fact that while potentially accurate, the outcomes are entirely speculative (IBM, 2023). 

Multi-Channel attribution is an analytical method used to determine how effective a marketing technique is by tracking and assigning credit to every touchpoint a customer has through on their way to purchasing a product. This method is a more detailed and in-depth than the single touch attribution method as it tracks a customers’ entire journey rather than giving credit only to their first or last touchpoint. After credit has been assigned to each touchpoint this then provides businesses with the opportunity to either invest more in the less developed areas to try and boost numbers or to cut back and focus on the already successful areas (Katie Holmes, 2023).  

Bibliography: 

Catherine Cote (2021). What Is Diagnostic Analytics? 4 Examples. [Online]. Available at: https://online.hbs.edu/blog/post/diagnostic-analytics [Accessed May 03, 2023]. 

Ritinder Kaur (2022). The Best 5 Statistical Software Tools. [Online]. Available at: https://www.selecthub.com/business-intelligence/statistical-software/ [Accessed May 3, 2023]. 

IBM (2023). What is predictive analytics? [Online]. Available at: ibm.com/topics/predictive-analytics [Accessed May 3, 2023]. 

Katie Holmes (2023). What is Multi-Channel Attribution and How to Get Started. [Online]. Available at: https://www.ruleranalytics.com/blog/click-attribution/multi-channel-attribution/ [Accessed May 3, 2023].