Propensity and Best-Next-Action Modeling

fp-banners-dnn-marketing-propensity

 

 

 

Propensity and Best-Next-Action Modeling

More companies have started investing more time and money on predictive analytics in order to understand their customers’ behaviors in new ways. By analyzing cross-referenced customer profiles and purchase histories, these companies can predict the likelihood, or propensity, of future activity at a customer-specific level and then proceed with best next actions as necessary. For instance, anticipating future purchases enables a company to recommend (Cross-Sell /Upsell ) suitable products to customers.

Anticipating customer loss to competitors (i.e., churn), on the other hand, enables a company to intervene in hopes of increasing retention rates. All these profiles, purchase histories, best-next-action recommendations, and resolutions require large and potentially cumbersome transactional databases, so extracting valuable information requires the right toolset.

STATISTICA Solution

  • Full Range of Solutions: Preparing data for analysis, feature selection, model selection, model evaluation and deployment. STATISTICA incorporates all these into one software package.
  • Highly Sophisticated Tools: Build Propensity Models or Customer Behavior Scoring Models to predict future behavior of customers. Highly sophisticated and robust tools are also available for performing Recency, Frequency and Monetary (RFM) Analysis of previous purchases to understand customer behavior and define market segments.
  • Sequence and Association Analysis: Find and quantify associations between purchases and behaviors (e.g., what items are frequently purchased together, subsequently, etc.) with STATISTICA’s Sequence Association and Link Analysis tool. Uncover these valuable patterns to improve marketing strategies.
  • Enterprise-Wide Convenience: Build models in one department, test models in another department, and then start scoring in offices worldwide. STATISTICA Enterprise™ is a truly collaborative tool that leverages the full power of the best  propensity models available.
  • Reflexive Models for RealTime Needs: Live Score® processes new transactions as they happen and updates propensity models in rapid turn-around times made possible only by STATISTICA’s integrated solutions.
Advertisements

About statsoftsa

StatSoft, Inc. was founded in 1984 and is now one of the largest global providers of analytic software worldwide. StatSoft is also the largest manufacturer of enterprise-wide quality control and improvement software systems in the world, and the only company capable of supporting its QC products worldwide, with wholly owned subsidiaries in all major markets (StatSoft has 23 full-service offices, on all continents), and its software is available in more than 10 languages.

Posted on October 23, 2013, in Uncategorized. Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: