Recently we were inspired by an article in The Economist that looked at the demographic predictors of voting intention in the 2018 US congressional election. The article used one of our workhorse models, a logistic regression, and it contained a great visualisation of the results. We were keen to use the concept to present our own work.
read moreCustomer segmentation breaks down large groups of current and/or potential customers in a given market into smaller groups that are “similar” in terms of their preferences or characteristics. This allows you to adopt a different marketing mix for each segment of the market.
read moreMaxDiff or Best-Worst Scaling is a survey method that is used to try to gain an understanding of consumers’ likes and dislikes. The goal is to rank product attributes in terms of their importance to customers, so that comparisons and trade-offs between them can be made.
read moreIt’s important to identify and understand the drivers of key business outcomes. You might want to understand which aspects of your service influence how likely a customer will be to recommend you, for example. A so called key driver analysis can be used to address this sort of question.
read moreIn a previous blog post, we discussed how supermarkets use data to better understand consumer needs and, ultimately, increase their overall spend. One of the key techniques used by the large retailers is called Market Basket Analysis (MBA), which uncovers associations between products by looking for combinations of products that frequently co-occur in transactions.
read moreClassification means assigning an outcome to an individual or case, usually for the purpose of making a decision. Examples include predicting which individuals will default on personal debt to decide who could be offered a credit card, or predicting which visitors to a retail website will make a purchase. In this blog we will discuss some ways of measuring the performance of a classification model.
read moreWhen conducting research about your customers, patients or products, it's crucial to consider what effect your sample size will have on how valid and reliable your conclusions will be. Larger sample sizes give more reliable results with greater precision and power, but they also cost more time and money.
read moreRetailers have been finding more and more sophisticated ways to use customer data to their advantage. By collecting and analysing consumer data, together with other socio-economic data, supermarkets are able to make evidence-based decisions when devising their marketing and operational strategies.
read moreInteracting with social media is a key element of any strategy for businesses wishing both to better understand and interact with their customers. But how can you measure the success of a marketing campaign on Twitter?
read moreOfficial Statistics and other open government data are a vital source of information. But how are changes in the political landscape affecting access to these data, and how can organisations ensure that they will still be able to make use of national and local Official Statistics to make evidence-based decisions?
read moreAnalysing large data sets will become a key basis of competition, says a new report published last week. In the same way that they have always sought professional accounting and legal advice, many industries now see statistical consultancy firms as crucial partners in driving growth and stimulating innovation.
read moreGender itself does not cause young men to have more car accidents or women to live longer. Gender is simply a surrogate for a complex combination of social and physiological issues that affect some people more than others.
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