Liferay overview of predicitve analytics
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This document discusses how predictive analytics and content targeting can improve the user experience. It defines predictive analytics as examining patterns in data to identify future risks and opportunities. Content targeting provides customized content for users based on their behaviors and attributes. This enhances the customer experience by delivering relevant information. Predictive analytics has various uses, such as reducing churn, increasing sales, and optimizing operations. Case studies show how predictive analytics helped a truck manufacturer anticipate breakdowns and a retailer increase revenues through audience segmentation and recommendations. The document advocates for strategic content targeting over generic content to create a better customer experience.
Liferay overview of predicitve analytics
- 1. Why Predictive Analytics and Content Targeting Makes The Best User Experience Joseph Brandenburg Predictive Analytics Practice Leader · Dunn Solutions
- 2. •Predictive Analytics examines patterns found in internal and external data to identify future risks and opportunities. •Projecting where the Best and Sweetest Nuts are to be found hidden amongst all the trees and other nuts. What is Predictive Analytics?
- 3. •It helps to assess, predict, and solve business problems using lots of data What does Predictive Analytics provide? Strategic Modeling and Forecast Prediction Market Blended Econometric Factors (Home Owners) Broker and Distribution (Home Owners) Claims Experience (Home Owners) Legal / Regulatory Environment (Home Owners) Our Competitive Landscape Compared to the Industry (Home Owners) Wealthy Home Owners Buyer Density Wealthy Home Owners Market Size Market Power Ranking Report (Home Owners) Market Penetration (Home Owners) Category Development Index / Sales Strength (Home Owners) Category Development Index p (Home Owners) Market Outlook (Home Owners) Ft. Lauderdale Strong Strong Good Good Strong 6.5 125,451 7.40 10.6% 130.93 0.65 Spend More Effort Expanding Kansas City Strong Strong Good Very Good Strong 6.0 45,804 7.10 8.4% 72.17 0.36 Spend More Effort Expanding Power Ranking Report Detail – Policy and Claim Data mining for Patterns Transactional – opportunity and validation Lifetime Value Persistency High Value Customers - Products Summary, Reporting, Forecast, Optimization
- 4. • Collection Analytics • Marketing Activities • Cross-sell • Customer retention • Direct marketing • Portfolio, product or economy-level prediction • Analytical customer relationship management (CRM) • Risk Management • Fraud detection • Underwriting • Pricing • Disease Prevention and Management • Clinical decision support systems Most Common Uses of Predictive Analytics
- 5. •Successful predictive analytics projects are a driving force, the movement to customer‐oriented and actual‐needs focused organizations is accelerating. •One Forrester study concluded, "Predictive Analytics Brings Fresh Momentum“ Why Predictive Analytics changes the game?
- 6. Predictive Analytics is the GPS of a Business Intelligence system because it provides the greatest business value by making forward- looking decisions possible How has Business Intelligence evolved? Source: The Data Warehouse Institute (TDWI)
- 7. How is Predictive Analytics used? Where is there opportunity for me to expand? What factors are causing my customers to churn? If I sell items in bundles will my overall sales increase? Which segments should I target? Can I reduce advertising costs by 20% without impacting sales? What channel is most effective to reach certain customers? When should I contact customers and what message to get them to stay? What products and combinations do people want?
- 8. Addressing the Business Problems and Special Requests Question • Does the severity of the cold season have a big impact on sales? Findings and Results: • A longer and stronger cold season drives sales and by targeting areas hardest hit you could increase revenue by 20% • 28.9% in this instance and less over spending on advertising in non-peak periods
- 9. CASE STUDY – Operational Optimization Top World-Wide Truck Manufacturer World Bank / 9 Challenge: • Issues sharing product and warranty information between the three major brands • Not able to anticipate breakdowns and incidents as far upstream as possible, to ensure the maximum availability of the customers’ fleets. Solution: • Developed Robust Field Based Analytics tool and engine to monitor and track potential breakdowns • Developed Predictive models to predict when issues are most likely to occur and automatically send warnings and alert suppliers of part needs Result: • Anticipation of potential incidents (and appropriate responses). • Avoidance of unplanned customer downtime. • A comprehensive analysis of all customer events. • Remote diagnostics. • Time savings with automated reporting. Solutions: Auto-Replenishment Field Based Analytics Maintenance Forecast Tracking Dashboards
- 10. Profit in business comes from repeat customers, customers that boast about your project, product or service, and that bring friends with them. • W. Edwards Deming
- 11. •Providing customers with an easy experience especially on the web is essential to getting people to use your site and keep coming back What does this mean? Predictive Analytics / 11
- 12. •Content targeting is arguably the coolest thing no one is truly doing. •In our research, we found that while content targeting is high on the list of marketers and web developers, there are very few that are really doing it well. How do we enhance that Customer Experience? Predictive Analytics / 12
- 13. Why is Strategic Content Targeting Better Than Generic Content? It is Customer – Centric !!! •Customers get the content they need and that drives more actions •Customers get a “Better” user experience •Customers get more trusted content •Most customer satisfaction and repeat use
- 14. Audience Targeting and Segmentation Liferay Audience Targeting • New Liferay Audience Targeting Platform • Display the right content at the right time to your visitors • Make authentic connections • Tailor specific content for audiences based on user behavior on the site, age, gender, social media attributes Audience Segmentation and Recommendation • Audience Targeting effectiveness relies upon accurate, clearly defined audience segments, in addition to understanding what content is compelling to each segment • Dunn Solutions helps accurately define your audience segments through predictive analysis added to your data and then machine learns content
- 15. Liferay Audience Targeting The Audience Targeting App adds an Audience Targeting section to the Configuration section of the Site Administration area of the Control Panel and an Audience Targeting Simulator to the Dockbar. The following three applications are also included with the Audience Targeting app: • User Segment Content Display • User Segment Content List • Campaign Content Display
- 16. Strategic Segmentation Made Simple •Learn and then machine learn the user needs and wants by what they tell us and then based on what they look at and read •Then provide them with unique content based on segmentation and unique groups
- 17. Segmentation and Recommendation Presents a unique user experience based on: • Survey Results • Attitudes • Geo-demographics • Specific Features and Patterns • Product Attributes and Plan Design
- 18. Segmentation and Recommendation Then Machine Learning based on: • Types of Content Reviewed • Item Search • Content History • Page Tags • Article Tags • Content Tags • Random Helpful Articles
- 20. CASE STUDY Online Gift Retailer Solutions Market Basket Analysis Predictive Recommendation Engine – Content Targeting Content Targeting Customized content based on filter criteria Next Time: The machine learns what you looked at, bought, how you shopped and who you shopped for and then builds a persona for your shopping experience and uses a recommendation engine with java snipits to serve up content and recommendations
- 21. • The Pharmacy has invested heavily in partnerships with Health Markets, Vitals, Doctors on Demand, Nurses and Pharmacy just to name a few to develop a help drive business for pharma and sales of healthcare related products. • It is imperative that the potential customers are segmented and targeted with their own custom needs and tailored towards their attitudes • Objective: Automate the optimal offerings through attitudinal segmentation, content targeting, patient education, fitness device integration and working with health insurance companies and hospital networks Customer Targeting for Pharma and Healthcare Customers Engagement: Background
- 22. What is it? Customer Targeting for Pharma and Healthcare is a proven technique for identifying optimal customers and messaging for health care and pharma related deals What are the key benefits? Develop a more robust and targeted Customer- centric experience Identifies customer product and service needs by tracking behavior and putting them into the correct attitudinal segments Incorporates well with the xyz.com persona segmenting based on rewards and sweepstakes Incorporates customer/patient information and activities to help drive personalized content and tailored offers Customer Targeting for Pharma and Healthcare Customers Engagement: Project Jeff, 35 District Sales Manager Des Moines, Iowa
- 24. Example: Content Targeting In Action For Health Insurance and Hospital Networks Predictive Analytics/ 24 Doesn’t believe doctors or health insurance companies every really answer questions or truly solve problems I like to research information about my diseases or illnesses
- 25. Thank you Joseph Brandenburg Predictive Analytics Practice Leader · Dunn Solutions