Customer Journey Analysis describes the path of the customer from the first point of contact with the product through the completion of a transaction. Knowing which paths customers typically follow online helps the company to concentrate their advertising efforts in the channels most likely to be used by the target group. Advertisers who are familiar with most of their users’ path have a great advantage: namely, they can tailor their efforts to their customer portfolio and know which combinations are most likely to succeed. This knowledge enables them to efficiently manage their budgets and make decisions to invest in advertising channels based exclusively on their likelihood of succeeding. The success is reflected in higher sales as well as lower marketing ratios and costs-per-order. …more
Planning a new software version, also known as release management, is in many respects a challenge in software developing. It takes several time consuming steps to prepare the new version (release): collecting and prioritizing requirements, precise time scheduling for the implementation of features or bug fixes, a set time frame for quality management and the test phase. For features and bug fixes, project management tools or ticket systems are the best solutions. Support staff can collect the requirements from inquiries of customers or employees. …more
In the second part of our small series about sales modeling (you can find the first part here) we will talk about regression analysis, the core of sales modelling. Since sales modelling is methodically based on the regression analysis, which determines the causal relationship between advertising activity and sales, it is indispensible for the implementation.
Regression analysis is itself one of the most often used multivariate analyses. This method examines the dependence between a dependent variable and one or more independent variables. With the help of a regression analysis connections can be discovered which are not visible to the naked eye. …more