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Analytics off the shelf: Using commercially available tools now

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Getting started in predictive analytics is arguably quite difficult. The tools used are not the standard statistical tools taught in most universities today. This article is not a course in predictive analytics, but it is a path through which to begin learning to use the tools effectively. The example of a firm attempting to reduce their churn rate is used as a medium for exploring one commonly used predictive analytics algorithm and its most commonly used diagnostic test statistic. A CART model is used to make predictions in two different manners: first, with purely numerical data, and secondly with added text data. The use of social media as a source of information to marketers has become quite useful and this example give the reader some insight as to why this is so.
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Keywords: CART; churn; data mining; predictive analytics; social media; text mining

Document Type: Research Article

Publication date: February 1, 2016

More about this publication?
  • Applied Marketing Analytics is the major new professional journal publishing in-depth, peer-reviewed articles on all aspects of marketing analytics. Guided by an expert Editorial Board each quarterly 100-page issue - published both in print and online - features detailed, practical articles written by and for marketing analytics professionals on innovative thinking, strategies, techniques, software and applied research showing how major brands are collecting, interpreting and acting on marketing analytics, both around the world and across varied digital and non-digital marketing channels. Learn how to measure the effectiveness of your marketing initiatives more accurately, how this compares to your competitors, identify gaps in your marketing analytics program and what metrics that support sound marketing decision making - and add to the bottom line.
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