“How well do you know your customers?”
“What products do they buy?”
“Do they only buy one type of product, or are they also likely to buy products from other categories?”
“What product groups are they likely to purchase together?”
“Can you find similarities among your customers and make relevant offers to them in targeted campaigns?”
“Do you know how your customers reacted to campaigns in the past and can that help you make them relevant offers in the future?”
Marketers today are familiar with analytic techniques such as clustering and predictive modeling that can answer the above questions. These techniques can be used to group similar customers together and to make targeted offers and recommendations that are relevant to customers. Some marketers are already using these techniques in their daily work while others may be looking for suitable areas to apply them to their business.
Regardless of where you are in the process of using analytic techniques to understand your customers, you may be interested in a series of customer analytic templates that TIBCO is releasing on our TIBCO Community Exchange. The customer analytics templates for TIBCO Spotfire are analysis templates that use Spotfire and its advanced analytics capabilities to help you answer the above questions about your customers. Not only that, but they also let you get to the answers in a visual manner. You can use these templates to apply various analytic techniques to your problems. Use them to understand customer behavior from your own historical data, and use them to predict future customer behavior.
Eager to get started? First, get your hands on some data on the purchases your customers have made in the past. We need to prepare this data into a format that can be used for further analysis. The first template in the series, Customer Analytics Data Pre-processing Template for Spotfire guides you through the steps and prepares the data for you.
The template converts data from a format where each record is a purchase transaction made by a customer to one where each record is a customer’s purchase history of all product categories. In the template, you will be able to select periods in your data that correspond to campaign periods and non-campaign periods. In later templates in the series, you will analyze this data and use it to create a predictive model to predict how customers will respond to a new campaign.
Wait, did some of you say you don’t have data to work with? Not a problem at all. The templates come with a set of pre-loaded data. You can use the templates with this data to learn how various analytic techniques can be applied to better understand your customers and make them more relevant offers. These templates include instructions on how to use them and they are free!
Download our first template to prepare your data. In our next post, we will look at how we can use this data to perform customer segmentation analysis in Spotfire with the second template in the series.
(This post is the first of a series of posts on the Customer Analytics Templates for TIBCO Spotfire)