We’ve been thinking.
Most of us probably realize that there is incredible power in predictive models and machine learning models. These models can help predict our customers’ future behavior before it happens, create individualized customer experiences, and help us connect to our customers on a deeper level.
However, did you know that every predictive model comes with its own set of trade-offs? That’s right, many times, by maximizing predictive accuracy in one area, you can actually increase your error in another area.
Read on to learn how to balance these trade-offs and take advantage of predictive modeling.
Feel like there is gold in the hills of customer understanding? Disappointed that you don’t have solid insights to base growth strategies on? You’re not alone. This article provides some solid tips to get you started.
One of the key challenges in designing a loyalty program or any type of promotion is to avoid rewarding behavior that would have occurred anyway. We use the phrase “accidental beneficiaries” to describe rewarding existing behaviors. The cost of rewarding existing behavior is easily underestimated or overlooked in designing and assessing promotional initiatives.
Sprocket recently attended the annual Service Design Global Conference in Dublin – a collection of more than 800 professionals from around the world that focus on this black magic. While amazingly popular in Europe, it's just getting started in the US. ...
It’s time to expand our thinking around customer LTV. It’s time to start thinking about the massive value that customer data can provide for your company, and putting that data to use to capture that value!