“BIG DATA” Transformed Into Insight with Practical Techniques

Share Article

Learning to understand who your customers are as people, where they are in their life cycle, which customers are most valuable, and how to anticipate your customers’ wants, needs and preferences is what “Big Data” transformation is all about.

News Image

Hosted by Loyalty 360 – the Loyalty Marketers association, Dave Resnick, Vice President Client Solutions, VeraCentra recently presented a webinar titled, “Transforming Raw Customer Data Into Insight: Practical Techniques You Can Apply Right Now!” Attendees were given insights into the methodology used to manipulate “BiG Data” and the power of analytics to find out: Who your customers are as people, Where customers are in their lifecycle, Which customers are most valuable, and Anticipating your customers wants, needs and preferences.

The analytics used by VeraCentra were broken down into three different categories of analyses.

1.    Cluster Analysis: Cluster analysis is a mathematical method used to create customer segments. This is taken from client supplied data; examples are transactions, emails and physical addresses. These are combined with appended external data which is representative of demographics, physcographics and behavioral data variables. By combining these two pools of data with the right analytics you will come up with your core customer base and the segments which reside within.

2.    Regressive Analysis: Regressive analysis is a mathematical method whose results produce a “formula” which predicts the probability of an individual person’s outcomes. This analysis predicts customer value, lifecycle stage, and need and wants.

3.    Combination +QeS and Monte Carlo Regression Models: A combination of cluster analysis plus regression analysis plus QeS regression models and Monte Carlo regression models to produce the customer base. The customer base will then be divided up into four different categories:

  •     Most likely to purchase product
  •     Most likely to become loyal customer
  •     Most likely to deliver high levels of revenue
  •     Most likely to at-trite

In addition to above there were many other takeaways like:

  •     Analytics best in class companies are using to transform raw data into customer insight
  •     How customer insight informs customer strategy
  •     Industry examples of what other marketers are already doing to achieve competitive advantage

Learning to understand who your customers are as people, where they are in their lifecycle, which customers are most valuable, and how to anticipate your customers’ wants, needs and preferences is what “Big Data” transformation is all about.

For more information concerning membership at Loyalty 360 or this webinar: “Transforming Raw Customer Data into Insight: Practical Techniques You Can Apply Right Now!” Or others like it contact Loyalty 360 at Loyalty 360, 4120 Dumont St., Cincinnati, Ohio 45226, and Telephone: 513-800-0360 or contact Lindsay Wagner lindsaywagner@loyalty360.org.

Dave Resnick, Vice President Client Solutions, VeraCentra as Vice President Client Solutions, Dave heads the both the Consulting Team and Technology Team, and is responsible for delivering meaningful analytics, insights and recommendations to marketers. With over 20 years’ experience in financial analysis, marketing analytics and business modeling, Dave brings a wealth of knowledge to his webinars and workshops.

About VeraCentra: VeraCentra helps marketers increase the value from existing customers by leveraging customer data to create insights into customer behavior, to implement reliable measurements and assess ROI potential to guide strategy and deliver higher performing marketing. With over 20 years’ experience in innovating customer-focused strategies, VeraCentra key capabilities include VeraCentra Intelligence Platform (VIP) – a customer intelligence platform, analytics, customer and campaign strategy, as well as integrated marketing execution services; enabling marketers to increase efficiency in a closed-loop environment.

VeraCentra has been providing national brand leaders such as Costco Wholesale, Intuit Software, and Johnson and Johnson, with successful customer-focused strategies ensuring our clients are maintaining a competitive advantage in an ever increasing competitive marketplace. For more information please visit http://www.veracentra.com, call (707) 224-6161 or email Adam Roberts at aroberts(at)veracentracom.

About Loyalty360 Loyalty 360 is an unbiased, market driven, voice of the customer focused clearinghouse and think-tank that is committed to bringing loyalty to the forefront as a critical marketing strategy. A trusted source for cutting-edge research, best practices, and networking opportunities, Loyalty 360 gives members the expert insights and guidance they need to better understand loyalty and develop programs that effectively engage their customers and employees and build stronger relationships with them.

Contact: Lynne Stephenson, Lynnestephenson(at)loyalty360(dot)org, 513-800-0360 x 115

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Lynne Stephenson
Loyalty 360
513-800-0360 115
Email >
Follow us on
Visit website