How Can I Increase the Value of My Marketing Investments Using Predictive Analytics – A Real Life Use Case
In my last blog, I discussed how predictive analytics can increase your marketing bang for the buck by giving you clear insights into where to spend your marketing dollars. In this entry, I’ll give you a real-world example of how a retail department store chain with multiple product categories decided who to target for a store mailer using analytics and customer segmentation.
To determine their target audience, the retailer wanted to gain a better understanding of their customer segments and where money was being spend across those segments. The first step was determining which customers shop which categories. Working together, we mapped over 2 million customers, identified spend by product category and then clustered customers by product category and category spend.
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Patrick McDonald is an Associate Director with Protiviti focused on advising clients in the Retail, Manufacturing and Telecommunications industries on analytical solutions. Over a 20 year career in advanced analytics, Patrick completed tours in a big four firm and leading analytics technology and software companies.