As campaigns this year gear up their marketing efforts on all the social platforms, it begs the question, how can campaigns measure the success of their efforts on each of these platforms and translate that success to the state of the race?
Once again it’s that time of the year when kids and parents prepare to hit the streets of Omaha in their ghoulish best looking for the most candy they can find.
Many people credit the rise of predictive analytics to the technological advances of the last 50 years. However, The history of predictive analytics starts in 1689. Its true that record keeping standards, relational databases, faster CPUs, and even newer technologies such as Hadoop and MapReduce have made predictive analytics an accessible tool for decision making. However, the history of predictive analytics show that it has been used for centuries.
About 20 years ago, a sociologist named Scott Feld discovered an interesting phenomenon where on the average, people have less friends than their friends do. However, most people believe they have more friends than their friends do. This is the paradox. The friendship paradox is a form of sampling bias.
New clients often have questions about why and how frequently CAN needs to update their predictive models. Predictive models need to be updated because everyday new data is being created. For example, your customers are buying more, subscribing or unsubscribing. The environment is constantly changing. While predictive models can handle a lot of new new data, overtime environmental changes build up causing predictive models to lose their effectiveness. After a month, quarter, or a year it is necessary to update predictive models with new data.
As these new patterns emerge its important to periodically take time to investigate your data, update your models, and challenge your assumptions about your business. But how often should you do this?
I recently had to make a deposit and fix a small issue with my bank account. I think my community bank has maybe 5 locations in the entire midwest, which means that everyone is cheery and I can always expect christmas lights in the winter and maybe cookies on the table when I walk in there. The staff are attentive and wonderful and always call me sir. "Is there anything else we can do for you, sir?"
Yes. Yes, local community banks, there is something you can do. But it's less for me and more for you.
The smiles are great and sometimes I consider visiting the bank if for no other reason than to be surrounded by people who's job seems to be to boost my self esteem at all costs and make me forget the cruel, harsh realities of this world. It is icing on an otherwise mundane task of paying the bank a visit.
But do you think this is why customers are staying with you?
Since 2008, we have been helping our customers learn how to get more sales from their current customers. One of the quickest, easiest, and most profitable ways to start is using the data you already have. Using data from your accounting and CRM system it is possible to determine which of your current customers can be made more profitable, more loyal, and which are the most likely to buy more from you. Learn more, Download our Case Study.
Contemporary Analysis specializes in using predictive analytics to forecast consumer behavior. Using a statistical technique called multinomial logistic regression, we can use patterns in your past data to predict future events.
Grant Stanley, CEO of Contemporary Analysis, stands in front of his wildly smart team at a recent company meeting to unveil his strategic plan for 2013. The plan includes comparing critical performance numbers internally against given benchmarks. Grant and CAN’s HR Director Nino Natasti have developed ways to track and classify the active SaaS projects in our pipeline, the productivity and workflow of our Data Scientists, and the traffic on our website in order to “determine whether or not we are adding meaningful value to the company and our people in the coming year.”
The greatest improvement in the productive powers of labour, and the greatest part of skill, dexterity, and judgment with which it is any where directed, or applied, seem to have been the effects of the division of labour. - Adam Smith