Data Mining Models

There are many data mining models that are available to aid you with pressing business problems. Most popular software packages allow you to implement data mining models. It's up to you, however, to indicate which of these models is the most appropriate.

Companies providing services may be interested in building data mining models of customer acquisition and attrition. Based on observable characteristics of your customer base such as demographics or psychographics that you have gathered through occasional surveys, you can deploy data mining models on customer attrition to forecast the likelihood of losing each customer. You can also employ the same data to identify the prospects most likely to become customers.

Data Mining Models for Cross Selling

If your company offers multiple products or services, you can use data mining models to find prospects for cross selling:

• Based on the products customers have bought in the past, data mining models can help you determine which products they are most likely to buy next.
• In addition to the information that you have about your relationships with customers, you can leverage demographics to see which customer segments are most likely to add more products or services to the bundles they currently purchase.
• With the results of these data mining models, your company can allocate resources toward your more valuable customers and prospects.

If you record information about your customers in a database, you have the information necessary to deploy many data mining models. At The Modeling Agency, we use the latest models to provide our clients with insights to improve their businesses. We also offer a range of seminars so that you can learn to implement the same data mining methods in-house.