By Michael J. A. Berry
* filled with greater than 40 percentage new and up-to-date fabric, this version indicates company managers, advertising analysts, and information mining experts how one can harness basic facts mining tools and methods to unravel universal varieties of enterprise difficulties * every one bankruptcy covers a brand new info mining method, after which exhibits readers tips on how to observe the process for better advertising, revenues, and customer service * The authors construct on their popularity for concise, transparent, and functional motives of complicated thoughts, making this booklet the precise creation to info mining * extra complex chapters disguise such themes as the way to arrange info for research and the way to create the mandatory infrastructure for facts mining * Covers center info mining options, together with choice bushes, neural networks, collaborative filtering, organization principles, hyperlink research, clustering, and survival research
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Extra resources for Data Mining Techniques: For Marketing, Sales, and Customer Support
As long as they don’t quit, customers on the wrong rate plan are more profitable if left alone. Further analysis may be needed. Perhaps there is a subset of these customers who are not price sensitive and can be safely left alone. Perhaps any intervention will simply hand customers an opportunity to cancel. Perhaps a small “rightsizing” test can help resolve these issues. Data mining can help make more informed decisions. It can suggest tests to make. Ultimately, though, the business needs to make the decision.
To be suc cessful, these techniques must become integral parts of a larger business process. That integration is the subject of the next chapter, The Virtuous Cycle of Data Mining. 19 CHAPTER 2 The Virtuous Cycle of Data Mining In the first part of the nineteenth century, textile mills were the industrial suc cess stories. These mills sprang up in the growing towns and cities along rivers in England and New England to harness hydropower. Water, running over water wheels, drove spinning, knitting, and weaving machines.
These vignettes are intended to convey something of the excitement of the field and possibly suggest ways that data mining could be profitably employed in your own work. A Supermarket Becomes an Information Broker Thanks to point-of-sale scanners that record every item purchased and loyalty card programs that link those purchases to individual customers, supermar kets are in a position to notice a lot about their customers these days. S. supermarket chains to take advantage of this technology to turn itself into an information broker.