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Transcript of Predictive Analytics for Business and Marketing © 2007 Prediction Impact, Inc. All rights reserved...
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Hosted by Prediction Impact, Inc. in association with the Emetrics Summit
________________________Eric Siegel Ph.D.Prediction Impact, [email protected](415)385-1313
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Case Study: Direct Response
1. Company overview: National veterans organization Non-profit organization; fund raising
2. General Objectives Find good donors Recapture “lapsed” donors Find “high dollar” donors
• There is often an inverse correlation between likelihood to respond and dollar amount of gift.
Cost-effective fund raising—net revenue
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Problem-Solving Session Template
1. Overall strategy Outline of initiative and its primary phases
2. Predictive modeling approach Prediction statement/goal Data required
• Applicable segments• Predictors
Deployment: How the model will be integrated or otherwise made use of Business case
3. Evaluation KPIs (a la business goals) Final AB test; control group Baseline method for comparison
4. Challenges and bottlenecks anticipated Organizational Technical
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Problem-Solving Session #1: Retention
• Business: Web-o-Rama House of Metrics (worhm.com)• Year: 2012• Type: B-2-B• Description: Web analytics services for small to medium
businesses• Customer Breakdown:
– 100k free subscribers
– 30k premium subscribers• Credit card auto-bill monthly• High churn rate: 35% per year
• Problem: Attrition rate has increased 20% since last quarter, while conversions have remained the same. Another team is working on increasing conversions.
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Summary of Killer Apps
• Increased profit with response modeling for direct marketing
– Increase response rate
– Decreased spending
• Increased customer retention by predicting defection
– Retaining tenured customers
– Converting first-time customer
• Increased response with targeted content
– Dynamic, behavior-based content selection
– From AB selection to ABC...Z selection
• Increased sales by predicting cross-sell opportunities
– Recommendations engine
– Collaborative filtering
• Increased net worth by predicting customer lifetime value (LTV)
– Higher valued acquisitions
– Optimized retention targeting
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Jellybeans Brain Teaser
• Good: red red red red red red red red red red red
• Good: blue yellow green orange
• Bad: black moive magenta beige turquoise fuisha
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
How a Crystal Ball Works
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Predict This!
• Introduction
• Data Overload
• How Modeling Works
• Statistical Models in Fashion
• Modeling Methods
• Deployment & Results
• Conclusions
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Can Computers Think
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Next Steps for you
• Moving towards a predictive analytics initiative– List your top 3 to 5 business optimization objectives
– Match the list of killer apps to these objectives
– Scope the data collections requirements
• Other courses– The Modeling Agency's Level II and III Training
– Tools courses, such as Salford Systems
– These courses go beyond business apps to include science and engineering
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Recommended References Sources• Prediction Impact’s bi-annual email newsletter: Case studies, articles, events.
Click “subscribe” at www.PredictionImpact.com.
• www.KDnuggets.com: A comprehensive online reference and newsletter.
• The UCI KDD Database Repository (kdd.ics.uci.edu): the most popular site for datasets used for research in machine learning and knowledge discovery. But all the core references such as this are found under KDnuggets, above.
• The Cartoon Guide to Statistics, L. Gonick and W. Smith.
• Data Mining: Practical Machine Learning Tools and Techniques with Java Implementations, E. Frank and I.H. Witten.
• Database marketing books for preliminary steps towards modeling, and for a more holistic, less technical marketing viewpoint:
– Strategic Database Marketing, Arthur Hughes
– See JimNovo.com for his “Drilling Down” book (first 9 chapters for free)
– Email Marketing by the Numbers, Chris Baggott
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Predictive Analytics and Data Mining
Services:• Defining analytical goals & sourcing data
• Developing predictive models
• Designing and architecting solutions for model deployment
• "Quick hit" proof-of-concept pilot projects
Training programs:• Public seminars: Two days, in San Francisco and other locations• On-site training options: Flexible, specialized• Instructor: Eric Siegel, Ph.D., President, 15 years of data mining, experienced
consultant, award-winning Columbia professor• Training participants: Boeing, Corporate Express, Compass Bank, Hewlett-
Packard, Liberty Mutual, Merck, MITRE, Monster.com, NASA, Qwest, SAS, U.S. Census Bureau, Yahoo!
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Predictive Analytics and Data Mining
Applications: Response modeling for direct
marketing Product recommendations Dynamic content, email and ad
selection Customer retention Strategic segmentation Security
– Fraud discovery
– Intrusion detection
– Risk mitigation
– Malicious user behavior identification
Cutting-edge research for groundbreaking data mining initiatives
Verticals: Online business: Social networks,
entertainment, retail, dating, job hunting
Telecommunications Financial organizations A fortune 100 technology company Non-profits High-tech startups Direct marketing, catalogue retail
Predictive Analytics for Business and Marketing
© 2007 Prediction Impact, Inc. All rights reserved
Predictive Analytics and Data Mining
Team of several senior consultants:• Experts in predictive modeling for business
and marketing
• Relevant graduate-level degrees
• Communication in business terms
• Complementary analytical specialties and client verticals
• Published in research journals and industrials
Extended network of many more:• Closely collaborating partner firms
• East coast coverage
Eric Siegel, Ph.D., President
Prediction Impact, Inc.
San Francisco, California
(415) 385-1313
For our bi-annual newsletter, click “subscribe”:
www.PredictionImpact.com
To receive notifications of training seminars: