In some sense, you already have analyzed the data. After all, you determined that that there is minimal (Pearson) correlation between the target and the proposed features. That sure seems like analysis to me!
If you still want to make predictions of that outcome of interest, there are a few considerations.
- Many features with only small correlations with the outcome might wind up being strong predictors of the outcome. The simulation below demonstrates such a situation, where the regression adjusted $R^2$ is very high, exceeding $0.98$. However, no feature has a correlation magnitude of even $0.1$ with the target.
set.seed(2024)
N <- 10000
p <- 500
X <- matrix(rnorm(N*p), N, p)
B <- (rbeta(p, 1/3, 1/3) - 0.5)
e <- rnorm(N, 0, 1)
Ey <- X %*% B
y <- Ey + e
ALL <- cbind(X, y)
L <- lm(y ~ X)
summary(L)$adj.r.squared # Adjusted R^2 of 0.9865925
summary(cor(ALL)[1:p, p + 1]) # Never exceed magnitude of 0.1
- Various transformations of the original features might yield much stronger predictors of the outcome. For instance, the correct relationship might be quadratic. If you haven’t included a squared term, you will miss that relationship. To capture nonlinearity, Frank Harrell’s Regression Modeling Strategies textbook advocates for spline basis functions. Interactions between features and transformations of those features are possible, too, even in (generalized) linear models. Various machine learning techniques like neural networks will start to figure out nonlinear patterns and interactions between variables, given enough data, with the caveat that they can overfit to the noise when they have such flexibility (ditto for super-flexible (generalized) linear models, which is why that Harrell book talks about deciding on how much flexibility you can afford, given the data). Neural networks can even be seen as layers of feature engineering followed by a (generalized) linear model on those engineered features.
The lack of correlation between features and the target hardly means your prediction problem is hopeless.