Online or bricks-and-mortar:
- Measuring and identifying the best customers and prospects,
- Using analytic tools and databases to identify the best prospects for new customer acquisition,
- Covering all of the situations in which you have or do not have access to vendor databases, time for testing acquisition approaches or not, and access to the use of multivariate or machine learning algorithms or not.
- Working knowledge of the programming/analytics language R is assumed.
What am I going to get from this course?
Understand how to value customers financially, and to recruit financially valuable new customers. It covers situations where you do or do not have access to vendor databases of potential customers, time to test acquisition promotions, or access to multivariate techniques such as regressions and neural nets. You will learn how to use the programming/analytics language R to analyze customers, select customers from vendor databases, and mine test promotions to achieve efficient acquisition of valuable new customers. The point is to recruit as many of the most valuable new customers as you can afford to, so you can improve the value of the firm as rapidly as possible.
Prerequisites and Target Audience
What will students need to know or do before starting this course?
You need to know the basics of retail operations, the basics of the R programming language, statistics up through multiple OLS regression, how to use Excel spreadsheets, and have knowledge of, or access to legal advice on, customer privacy law.
Who should take this course? Who should not?
If you work for an on-line retail organization or a bricks-and-mortar retail organization that wants to grow its customer base with valuable new customers, this course is for you.