Your Data Wants to Tell You a Story
The future is unwritten and in many senses completely unknown. But any statistician will tell you that some things are much more likely to happen in the future than others, given certain conditions. In other words: we don’t know for certain the sun will rise tomorrow, but we believe it’s extremely probable that it will.
Your business is the same way. Which customers are more likely than others to walk through your door or buy from you on your website? Which products are more likely to benefit from special promotions? When a customer buys Product A, are they more likely than average to also purchase Products C or Product L?
Given the the right amount and type of historical data, predictive modeling can help answer these questions and many, many more.
Your Data in the Hands of an Expert Storyteller
Your historical business data can be seen like the notebook of a great playwright: filled with heroes and villains, sets and settings, plot notes and story arcs. It has the makings of a great story just waiting to be told in the hands of the right storyteller.
Your customer data is just waiting to tell you a story about how to best market your business. The competent storyteller combines the science of data and statistics with the knowledge of marketing techniques, objectives and methods. The result can be a much richer, deeper understanding of your customers, how they make purchasing decisions and how they consume media. And, most importantly, how to continue to gain their business while attracting new customers who are cut from the same cloth.
Predictive Modeling Techniques & Skill Sets
Techniques applied include:
- Naive Bayes
- k-nearest neighbors
- Ordinary Least Squares
- Logistic regression
- Neural networks
Predictive modeling success in your marketing equation is founded upon these areas of expertise:
- Framing the question or challenge correctly
- Training set data cleanup and data preparation skills
- Knowledge of a range of statistical and machine learning methods
- Practical skills in operating the chosen method and training the model
- Ability to read the raw model results for accuracy and implications
- Data sampling, preparation and selection for model application
- Interpretation of results
- Recommendations for application to marketing question or challenge
Tip the Laws of Probability in Your Favor
Your data, too, has a story to tell. You just need the right partner to help tell it. The stories that MindEcology’s predictive models tell about your business are data science-driven, marketing crafted.
Tip the future of your business in your favor by getting your on-hand data analyzed and see where it can take you. Contact MindEcology today.