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Analytics off the shelf: Using commercially available tools now

Author

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  • Keating, Barry P.

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.

Suggested Citation

  • Keating, Barry P., 2016. "Analytics off the shelf: Using commercially available tools now," Applied Marketing Analytics: The Peer-Reviewed Journal, Henry Stewart Publications, vol. 2(1), pages 12-24, February.
    • Handle: RePEc:aza:ama000:y:2016:v:2:i:1:p:12-24
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    More about this item

    Keywords

    predictive analytics; churn; social media; CART; data mining; text mining;
    All these keywords.

    JEL classification:

    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising

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