Customer analytics – a recap:As we’ve seen in previous posts, there are five important elements to the process of marketing/customer analytics:
1. Start with the data: we need to ensure we have the right data, but we should make sure this is individual-level data – data held for each customer. Without it we can’t do effective customer analytics. So a big question for the company is: how to build the right infrastructure to collect that level of data, with that level of granularity?
2. Exploring the data: we shouldn’t start with big complex models, but look always to start simply with a basic exploration of the data. Even when we go on to use complex mathematical or statistical models, we still need to be able to understand the underlying data, to be able to sense check our explorations and predictions against that data which allows us confidence to assert, yes the underlying data does suggest/show that our modelled effects are real or reasonable. [Read more…] about Marketing Analytics: Applications & Innovations