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CRM Chapter 9

CRM Chapter 9. Analytics. Analytics. Collection, extraction, modification, measurement, identification, and reporting of information designed to be useful. Types of Analytics. Descriptive – Historic look at customer behavior, organization performance, or customer segment’s habits

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CRM Chapter 9

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  1. CRM Chapter 9 Analytics

  2. Analytics • Collection, extraction, modification, measurement, identification, and reporting of information designed to be useful

  3. Types of Analytics • Descriptive – Historic look at customer behavior, organization performance, or customer segment’s habits • Predictive – “Could be if”, Models of possible and scoring likelihood of achieving possibility by individuals, Projecting by combining past performance and other factors

  4. Segmentation • An early step in creating “actionable intelligence” from data • Analytics help better understand customers, target appropriate segments with offers, and make efficient decisions

  5. Modeling and scoring • Modeling – Not profiling, Descriptive focus on predictive behavior • Compares customer profile to behaviors of similar profiles then makes weighted prediction • RFM Analysis is common marketing model

  6. Scoring • Getting results from predictive analytics • Explores customer history, behavior and other factors to make prediction • Eg FICO (Fair Isaac Corporation rating) • Payment history (35%), Amounts owed (30%), Length of credit history (15%), New credit (15%), Types of credit used (10%)

  7. Validation • Tests the predicted results to ensure the sample was not biased • Risk Analysis: Potential for disease, bankruptcy, eating a banana with adverse reaction, walking down a street and collapsing {credit, life insurance, health insurance}

  8. Measurement and tracking • How to collect data • Humans love stats • Compare results with objectives/expectations

  9. Technology • 3 software types: • OLAP – data from different dimensions • Query – Ask questions about patterns or details in data • Data mining – Searches for patterns or correlations

  10. Business Intelligence (BI) • Ability to understand and influence customers, products, services, etc to increase performance and income

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