By Richard Boire (auth.)
Big facts is a starting to be company development, yet there little recommendation on hand on the right way to use it virtually. Written via a knowledge mining professional with over 30 years of expertise, this booklet makes use of case reviews to assist agents, model managers and IT pros know how to catch and degree information for advertising purposes.
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Additional resources for Data Mining for Managers: How to Use Data (Big and Small) to Solve Business Challenges
This information is critical to allow organizations to effectively deploy customer management strategies and tactics. The basic ability to prioritize marketing activities against different customer groups based on customer value will yield significant performance returns. For example, a greater proportion of resources should be devoted to customer segments that deliver the highest returns. Change as a Quick Win Another quick win concerns changes in customer behavior. Marketers historically have been interested in identifying changes in customer behavior and, in particular, in changes pertaining to lifecycle.
The only information or learning available is from the company’s research. This retail company collects no information on its customers. Market research has indicated that the key drivers of purchase behavior are high income, female immigrants. Here, data miners and marketers can think of creative ways to capitalize on learning that currently exists rather than expend resources in a campaign and to also be forced to wait another three to six months before obtaining the results of this campaign.
However, these results, despite their net immediate benefit to the company, may actually disguise more long-term business problems that will severely impact the balance sheet in a few years. For example, analysts may build retention models that allow marketers to target high-risk defectors but hide the fact that overall interest in the company’s products and services is declining. Aside from the retention example described above, another good example is the introduction of a new product. For example, using some basic data mining tools, companies can achieve an overall net benefit to the marketing program.