Ok, you've learned an awful lot about Digital Profiles. I can tell that you're excited!
Now it is time for your questions. What made sense, what didn't make sense? Any thoughts on how you might use the methodology in your marketing strategy? Catalogers --- this stuff works REALLY WELL when trying to figure out which customers to no longer mail catalogs to!!!!!
So, use the comments section to ask your own questions about Digital Profiles.
Or contact me for a Digital Profile project!
OK. This has been a very useful series.
ReplyDeleteWe are a small, small business and I am grappling with the implementation of your ideas.
What software can help me do a factor analysis? We cannot afford SAS or similar. I am currently building a shopping basket analysis module in SQL Server.
How do I model with sparse/ sketchy data? We only have a few factors to analyse - we certainly don't have the columns you are using in your examples. Because we are so small our orders processing is often delayed - consequently I can't tell you the date of the order - only the date it was processed.
I can't match keywords to sales. I think I can do 7 of your original 14 attributes. I can't match email opens to sales.
(I'm feeling pretty inadequate at the moment!)
Any advice you could provide will be most welcome.
Thanks
Derek --- I wouldn't worry about what you don't have ... take advantage of what you do have. You probably know what merchandise division a customer purchased from, you know when customers purchased, and you knwo the channels that a customer purchased from.
ReplyDeleteJust use that information, and don't worry about using a factor analysis ... simply segment your customers on four yes/no variables and go with that. You'll be doing more than 95% of your competitors.
Thanks Kevin,
ReplyDeleteI'll try this and report back!
Cheers