You know that? That you actually just want to find out if the data you have is suitable for predicting certain behavior of your customers? But you have no tools at your disposal and you don’t know where to start…
A client of ours found that revenue potential was being missed due to misjudging potential customer value of prospects. The potential customer value was determined by looking at some generic characteristics of prospects and making an estimate based on that. That the estimation of customer value was not good (enough) was observed by the account managers because they approached (partly) the wrong prospects. In addition, the evaluations of campaigns for low customer value prospects showed that there were quite a few high value customers among them. High time for improvement. For this problem a Business Case was drawn up with multiple scenarios; the potential of this Business Case was between five hundred thousand and 2.5 million euros.
Besides helping the client with the setup for this Business Case, we also included some qualitative aspects: we took an employee through some of the methods and techniques of data analytics and taught him the basics of R. In doing so, we immediately provided input for a larger Business Case for phasing out SPSS to R. After working with the customer on this, we were able to deliver an initial model within five days, the added value of which is currently being tested in a pilot project.
Well I can hear you thinking “you guys have a model in one afternoon, why did this have to take five days?”. A fair question of course. The extra time we spent on this was mainly to introduce the employee to the basics of data analytics and R. This way he could get a feel for this field and determine (better) whether he would like to develop more in this direction. As far as we are concerned, it was not only an interesting and fun course, but also very useful and worth repeating!
Are you interested, or have you been struggling with a similar issue for some time? Do not hesitate to contact us!