Tip 1: Identifying the Right Problem; Tip 2: Tip 2: Getting Stakeholders onside
Date: Jun 2, 2010
10 Tips for Building Successful
Predictive Analytics Solutions
Richard Boire, Boire Filler Group
Tip 1: Identifying the Right Problem
Listen, Listen, Listen
This means the ability to conduct a very sound information-gathering process
- Conduct Interviews with Key stakeholders
- Gather all information and reports that are pertinent to the issue
Example:
A telecommunication company has experienced 50% growth in their overall
acquisition costs in the last 2 years.Their acquisition campaigns have been using
direct mail and telemarketing as their key distribution vehicles for about 10 years.
This distribution component now comprises 75% of their marketing budget. Attrition
among the new customer group within the 1st three months has increased by 50%
in the last two years.
Key Information:
- Increasing acquisition costs
- Direct marketing/telemarketing are their key marketing vehicles
- Attrition is increasing
What is the problem?
- Identify the "right" customers
- We need to identify what 'right' means?
- "Right" in this case means that we identify prospects who are both, most
likely to respond to an acquisition campaign and remain a customer after
3 months.
The Business Problem/Challenge is: Develop an acquisition model which
optimises the likelihood of a prospect becoming a new customer and
remaining an active subscriber after 3 months.
Tip 2: Getting Stakeholders onside
Tip 3: Create Quick Wins
Here is the full presentation:
10 tips for Successful Analytics (PDF, 37 slides).
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