Analytics off the shelf: Using commercially available tools now

Barry Keating

Applied Marketing Analytics: The Peer-Reviewed Journal, 2016, vol. 2, issue 1, 12-24

Abstract: 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.

Keywords: predictive analytics; churn; social media; CART; data mining; text mining (search for similar items in EconPapers)
JEL-codes: M3 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:aza:ama000:y:2016:v:2:i:1:p:12-24

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