Advanced Customer Analytics: Targeting, Valuing, Segmenting and Loyalty Techniques

by Mike Grigsby

Overview

Advanced Customer Analytics provides a clear guide to the specific analytical challenges faced by the retail sector. The book covers the nature and scale of data obtained in transactions, relative proximity to the consumer and the need to monitor customer behaviour across multiple channels. The book advocates a category management approach, taking into account the need to understand the consumer mindset through elasticity modelling and discount strategies, as well as targeted marketing and loyalty design.

A practical, no-nonsense approach to complex scenarios is taken throughout, breaking down tasks into easily digestible steps. The use of a fictional retail analyst 'Scott' helps to provide accessible examples of practice. Advanced Customer Analytics does not skirt around the complexities of this subject but offers conceptual support to steer retail marketers towards making the right choices for analysing their data. Online resources include a selection of datasets to support specific chapters.

Product Details

ISBN-13:	9780749477165
Publisher:	Kogan Page, Ltd.
Publication date:	10/03/2016
Series:	Marketing Science
Sold by:	Barnes & Noble
Format:	eBook
Pages:	264
File size:	2 MB

About the Author

Mike Grigsby has been involved in marketing science for more than 25 years. He was marketing research director at Millward Brown and has held leadership positions at Hewlett-Packard and the Gap. With a wealth of experience at the forefront of marketing science and analytics, he now heads up the strategic retail analysis practice at Targetbase. Mike is also known for academic work, having written articles for academic and trade journals and taught at graduate and undergraduate levels. He is a regular speaker at trade conventions and seminars.
Mike Grigsby, based in Orlando, Florida, has more than 30 years' experience in the field of marketing analytics. He was formerly vice president of customer insights and advanced analytics at Brierley and Partners and of strategic business analysis and advanced analytics at Targetbase and has also held leadership positions at Hewlett-Packard and Gap. Previously an adjunct professor at the University of Texas at Dallas, he taught analytics at both graduate and undergraduate levels. He is the author of Advanced Customer Analytics, also published by Kogan Page.

Table of Contents

• Section - 01: Overview;
• Section - 02: Regression and Factor Analysis;
• Section - 03: Retail;
• Section - 04: Retail;
• Section - 05: Understanding and estimating demand;
• Section - 06: Price elasticity and discounts;
• Section - 07: Valuing marketing communications (marcomm);
• Section - 08: Forecasting future demand;
• Section - 09: Targeting the right customers;
• Section - 10: Maximizing the impact of mailing;
• Section - 11: The benefits of product bundling;
• Section - 12: Estimating time of purchase;
• Section - 13: Investigating the time of product purchase;
• Section - 14: Increasing customer lifetime value;
• Section - 15: Modelling counts (transactions);
• Section - 16: Quantifying complexity of customer behaviour;
• Section - 17: Designing effective loyalty programmes;
• Section - 18: Identifying loyal customers;
• Section - 19: Introduction to segmentation;
• Section - 20: Tools for successful segmentation;
• Section - 21: Drawing insights from segmentation;
• Section - 22: Creating targeted messages;
• Section - 23: RFM vs. segmentation;
• Section - 24: Marketing strategy;

Editorial Reviews

"Mikes style of writing is easy and right to the point. In Advanced Customer Analytics Mike adds specific math and statistics examples that are relevant and easy to follow. If you want to step up your analytics understanding this book is for you."

Emmett Cox SVP Customer Intelligence at BBVA Compass and author of Retail Analytics

"This book is an extremely useful resource which gives a wide overview on the targeting, segmenting and building, and measuring customer loyalty in retailing. The book presents a practical application of traditional techniques applied to different kinds of non-traditional data, helping practitioners to understand the basics of marketing analytics in retail."

Prof. Lina Anastassova

"An approachable and enjoyable read... the business cases are just outright fun."

Jehoshua Eliashberg

"I would highly recommend Advanced Customer Analytics. The book is well written and will become your favourite go-to reference. The examples given throughout are typical day-to-day problems that arise within the marketing analytics field and could be easily translated into other fields as well. The book reads as though Mike is right there with you baring his brains and humour on a topic that needs both. Mike explains even the most complicated concepts in an easy to understand and logical manner with many examples."

Senior Analyst and Big Data Guru Susan Martin

"We are in the midst of digital business and society transformation. Also known as the real time digital economy. Marketers past, present and future need to understand this world and how it will influence clients, customers and how analytics will optimize messaging for decision makers from all professional backgrounds. Mike Grigsby has been at the genesis of this tipping point for quite some time and has captured many great methods and experiences to set you on this journey."

Solution and Best Practices Consultant at Planet A Tony Hamilton

"Mike Grigsby, the author of Marketing Analytics, takes a critical and in-depth look at the issues underpinning customer analytics. The book provides a fresh and comprehensible view on the complex issue of advanced customer analytics. Starting from the basics of regression and factor analysis he quickly moves to what is essential in business and marketing i.e. purchasing, order of purchases, pricing and discounts, allocation of marcom, bundling, category management and CLV. The book is full of practical examples from retailing industry and more importantly he shows how the analysis is actually done. If you want to deepen your knowledge of customer focused analytics this is the book to read!"

Professor of Marketing (Digital Business and Marke Jari Salo (D.Sc.)

"Advanced Customer Analytics gives an in-depth focus on how to communicate with your customers scientifically and effectively using statistics and predictive modeling."

E-commerce and Digital Marketing Analytics Practit Cai Chen

"Advanced Customer Analytics provides a serious but accessible tool kit for the aspiring retail leader."

Michael Beverland

"Advanced Customer Analytics provides a great introduction into the main analytical tools marketing managers should be familiar with these days. Starting from regression analysis the book gradually covers more sophisticated methods including time series models, survival analysis, TOBIT models and structural equation models. What makes this book special is the easy to understand way in which these methods are explained and applied to problems marketing managers face every day. This makes this book great for practitioners as well as for readers interested in learning applied statistics. I strongly recommend this book to anyone interested in data-based marketing decision making."

Michael Haenlein

"Mike has once again presented complex marketing concepts such that the newcomers to the field will appreciate the fundamental rationale economics plays in doing good market research. The reader is guided through the appropriate use of many popular statistical procedures to address basic marketing concerns. Mike's "no nonsense" (albeit at times humorous) interpretation of statistical output provides an excellent template to help more seasoned marketing analysts explain their work. At the very least, the reader will be treated to a very entertaining discussion of the making of marketing analytics. I highly recommend Advanced Customer Analytics."

Derek Glatz

"Written from a practice viewpoint, Advanced Customer Analytics is an engaging and easy-to-read book that would interest students and practitioners attentive to research and, more specifically, retailing. The book is conceptually substantial and serves as a practical guide to understanding and applying retail analytics. A particular strength of the book is the application to relevant industry issues facing large retailers today (such as Wal-Mart, Sears, Macys, Kohls, etc.) as more and more companies are facing downsizing and restructuring pressures."

Dr Candice R. Hollenbeck