Clients Case Study: Customer Profiling Through Market Analytics
The Massini Group is a B2B database and relationship marketing company. One of their clients, a major financial institution, was trying to increase marketshare. Their specific goal was to identify the customers who spend more with their products and increase "customer spend" by predicting what additional services would be of interest to those customers. Despite data on almost a million customers, their market analytics team was struggling to improve their customer profiling process and better predict customer spend. The Massini Group engaged us to develop a better statisitical model and help their client meet their growth goals.
We began by assessing their current situation. We extensively reviewed their existing statisitical model and their customer data. After conducting some additional research on their customers and the industry, we redefined and rescaled some of their variables. Then we scrubbed the data to eliminate outliers and other anamolies. Finally, we constructed a new statitistical model using an advanced statistical regression technique.
Our new statistical model produced customer profiles that were 50% more powerful in predicting customer spend. The greater predictive power allowed the company to market their services more effectively by targeting campaign to specific market segments and tailoring their messaging to specific customers.
"In just three weeks, Paul developed a much more powerful statistical model. When we presented it to our client, they were completely floored. Their team of six statisticians had been working on this problem for over four months and hadn't produced anything even close to our results. We were heroes in our client's eyes." Joe Kriskey, President
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