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The objective of this contest is to help Financial Services organizations acquire more customers by cross-selling - selling additional products to existing customers. The cost of acquiring a new customer is upwards of 4 times the cost of serving an additional product to an existing customer, so it makes sense to have a sound cross-sell strategy.
This contest - Customer Cross-sell - endeavors to build a model to predict the likelihood of an existing customer accepting an offer of a Term Deposit.
Should the results of this contest be used directly for contacting customers?
No! This model only predicts propensity to accept the offer of a Term Deposit. We also need to intersect this with the value dimension - how valuable is the customer - would accepting the term deposit offer result in value creation or destruction?
The value dimension will be examined by a subsequent contest.
The data pertains to direct marketing - tele-marketing campaigns of a Portuguese banking institution. It is conceivable that more than one contact to the same client is required in order to close the Term Deposit conversation.
Learn more and participate at
www.crowdanalytix.com/contests/modelingpredicting-lead-scores-1027106292/