A Hybrid Approach to Customer Segmentation: Combining Machine Learning and Rules-Based Methodologies Author: Evie Fowler Customer segmentation refers to the process of dividing customers into subgroups with similar buying habits and needs. It helps businesses understand their customers better so that they can market existing products more effectively and even develop new products to meet […]
Unlock Actionable Insights: 5 Tips for Designing Impactful Market Research Surveys Author: Sean Hughes The most effective and lucrative business decisions are data driven. Sometimes the information needed to make a business decision can come from internal polling or even conversations with team members but many require customer input. Market research survey data can be
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Segmentation Models Compared: What’s best suited to your needs? Author: Yifei Zheng Customer segmentation is a means of organizing and managing a company’s relationship with its customers and can improve things like personalized marketing communications, customer service and support efforts, customer loyalty, identifying the most valuable customers, and identifying new product or upsell opportunities. This
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A Framework for Building Customer Segmentation Models Author: Yifei Zheng If someone asked you to describe your customer base or audience, how would you do it? Would you describe a generalized persona? Perhaps a list of demographic features? Or maybe you would list several interests that align with your core mission or brand. While this
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Author: Igor Pshenychny Machine Learning and mathematical rigor are tools at data scientists’ disposal. But we all know that having a better calculator won’t exactly result in better test scores, and having a more powerful computer won’t necessarily make you a better programmer. To develop a strategy that doesn’t underperform, a data scientist will need
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While marketing in general is capable of bringing additional sales, effectiveness of any particular campaign, channel, touch point etc. may vary substantially. To evaluate performance, historically there have been two approaches – Marketing Mix Modeling (MMM) and Attribution modeling. Here we examine differences, advantages and disadvantages of both approaches. Marketing Mix Modeling: Cost and Sales
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Everyone has heard of “market research” as a way to learn more about the customers for a product or service, but did you know that through data-science-enhanced market research, organizations can potentially save marketing and deployment dollars in the long run? Through methods such as discrete choice modeling and segmentation, companies can ensure their longevity, sell
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It can be challenging for managers to measure the financial effects of various changes they’ve made to their enterprise. Interventions such as marketing campaigns, human and physical capital expenditures, changes to business processes, new product introductions, and outlet openings or closures all require rigorous assessment of the effects to the bottom line as justification for
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