Statistical models are powerful marketing tools. Our analytics team builds many types of models, working with data that identifies and distinguishes people with certain traits in given a population. While statistics may be complex, we make the process simple and easy by concentrating on the needs of the business–program improvement and increased ROI.
After we develop a model, we use it to score each person in the applicable population, so you can concentrate your targeting efforts on those people who will provide the highest return for your marketing dollars.
Data modeling process is essentially a path to try to make the conversion of data ⇒ information ⇒ knowledge ⇒ understanding.
Types of Models:
Acquisition
- Response Models predict the people most likely to respond to a message.
- Clone/Selection Models identify people most like a current customer base.
- Conversion Models predict the likelihood for people to become customers.
Customer
- Retention/Loyalty Models find the customers most likely to continue buying your services.
- Attrition Models will score customers based on their likelihood to leave.
- Winback Models predict the likelihood of the customer coming back.
Optimization
- Next Best Product Models predict the likelihood of the next purchase of a customer.
- Media Marketing Mix Models estimate the impact of various marketing tactics (marketing mix) on sales and then forecast the impact of future sets of tactics.