Predictive Analytics For Dummies by Bari Anasse & Chaouchi Mohamed & Jung Tommy

Author:Bari, Anasse & Chaouchi, Mohamed & Jung, Tommy [Bari, Anasse]
Language: eng
Format: epub
ISBN: 9781119267010
Publisher: Wiley
Published: 2016-09-16T04:00:00+00:00

Buying data from third-party vendors

By itself, the data your company has may not be enough to provide you with a good basis for predictive analytics. For example, to produce actionable insights at today's ever-increasing pace, simply using demographics and basic inferences from your data isn't enough. The demographics of loyal customers may look exactly the same as demographics of churning customers.

You may also have transactional data from your operations to combine with customer profiles. But, in some cases, your existing customer base may be limited or belong to a specific segment of clientele. You might want to make predictions or target a whole different segment of customers; your transactional data may not be able to achieve that. Also, there are cases where you may have transactional data and very limited customer profile data. For example, you only have name and location, but you also want age, income, and gender.

To generate actionable insights, you'd need more complete data. To get it, you'd probably need to pull that data from various sources; one way of doing that is to buy it from third-party suppliers. Some suppliers offer what is called a DMP (data management platform). They can integrate your first-party data with third-party data to create personalization and segmentation models. If you can get hold of third-party data that's relevant to your predictive model, the next step is to integrate it into your existing datasets to create better models.

With the rise of social media, an abundance of data is being generated, some of which is collected by companies whose business model involves collecting this data, packaging it, and selling it. Such companies view that data as their product. Your company may have a use for that product.

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