A Hybrid Approach to Customer Segmentation: Combining Machine Learning and Rules-Based Methodologies Author: Evie Fowler Customer segmentation refers to the process of dividing customers into subgroups with similar buying habits and needs. It helps businesses understand their customers better so that they can market existing products more effectively and even develop new products to meet […]
Segmentation Models Compared: What’s best suited to your needs? Author: Yifei Zheng Customer segmentation is a means of organizing and managing a company’s relationship with its customers and can improve things like personalized marketing communications, customer service and support efforts, customer loyalty, identifying the most valuable customers, and identifying new product or upsell opportunities. This
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A Framework for Building Customer Segmentation Models Author: Yifei Zheng If someone asked you to describe your customer base or audience, how would you do it? Would you describe a generalized persona? Perhaps a list of demographic features? Or maybe you would list several interests that align with your core mission or brand. While this
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While marketing in general is capable of bringing additional sales, effectiveness of any particular campaign, channel, touch point etc. may vary substantially. To evaluate performance, historically there have been two approaches – Marketing Mix Modeling (MMM) and Attribution modeling. Here we examine differences, advantages and disadvantages of both approaches. Marketing Mix Modeling: Cost and Sales
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Everyone has heard of “market research” as a way to learn more about the customers for a product or service, but did you know that through data-science-enhanced market research, organizations can potentially save marketing and deployment dollars in the long run? Through methods such as discrete choice modeling and segmentation, companies can ensure their longevity, sell
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