DATA: Model Behaviour

Author:

Max Firth

Source:

It is tempting to stay on familiar ground, especially when times are tough. But it is at times such as these that the unknown should be explored. If it isn't, golden opportunities could be missed.
 
It is amazing how many businesses still use a blanket approach to marketing, in the hope that their campaign might hit the right businesses at the right time. But how much of the marketing budget is being wasted by sticking to a method that has proven only 'somewhat' successful in the past?
 
Sometimes the great unknown has to be explored in order to enjoy a more profitable result. What are the things about your customer that you don't know? By looking into these factors and reviewing them against what you do know, a clearer picture of your current and potential customers can be achieved. This will help you understand when and why a customer actually buys; how much they spend; and how to find similar prospects to target. It will also enable you to refine your understanding of existing customers' needs and wants. It's called customised propensity modelling...