This is the last post in a series of three about the added value of Analytics in Marketing. The first post, by my colleague Bram Vanschoenwinkel, gave an overview of a number of Analytics techniques tailored to a better understanding of your customers and their specific needs. Jessica Ruelens discussed Customer Segmentation & Profiling and a specific case for a company that sells professional training seminars in a second post. I will conclude this series with a discussion about Churn Prediction and a specific case of a bank.
Have you ever wondered how your customers are behaving on a grand scale? Do you know which customers are most valuable to you and which customers represent an undiscovered opportunity? You might have a general idea about the behaviour of your customers - having observed their behaviour in the past - but are you sure your observations are supported by the facts or the data?
In my last blog post I talked about the strategic and competitive advantages that can be delivered by Business Analytics but that a lot of companies are still struggling to apply Analytics and actually gain these advantages. This post is the first in a series of three where the added value of Analytics in Marketing will be discussed.
According to wikipedia, the amount of unstructured data might account for more than 70%-80% of all data in organisations. Because everyone wants to find hidden treasures in these mountains of information, new tools for processing, analyzing and visualizing data are being developed continually.