Data Mining Techniques in CRM: Inside Customer Segmentation by Konstantinos K. Tsiptsis, Visit Amazon's Antonios

By Konstantinos K. Tsiptsis, Visit Amazon's Antonios Chorianopoulos Page, search results, Learn about Author Central, Antonios Chorianopoulos,

This is often an utilized instruction manual for the appliance of knowledge mining strategies within the CRM framework. It combines a technical and a enterprise point of view to hide the desires of industrial clients who're trying to find a realistic consultant on information mining. It makes a speciality of buyer Segmentation and offers instructions for the advance of actionable segmentation schemes. through the use of non-technical language it courses readers via all of the levels of the knowledge mining procedure.

Content:
Chapter 1 facts Mining in CRM (pages 1–15):
Chapter 2 an summary of knowledge Mining thoughts (pages 17–64):
Chapter three facts Mining strategies for Segmentation (pages 65–132):
Chapter four The Mining facts Mart (pages 133–187):
Chapter five consumer Segmentation (pages 189–224):
Chapter 6 Segmentation purposes in Banking (pages 225–290):
Chapter 7 Segmentation functions in Telecommunications (pages 291–332):
Chapter eight Segmentation for outlets (pages 333–348):

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Extra info for Data Mining Techniques in CRM: Inside Customer Segmentation

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When unseen data are passed through the derived model, they are scored and classified according to their estimated confidence scores. As we saw above, the procedure for assigning records to the predefined classes may not be left entirely to the model specifications. Analysts can consult the gains charts and intervene in the predictions by setting a classification threshold that best serves their needs and their business objectives. Thus, they can expand or decrease the size of the derived marketing campaign lists according to the expected response rates and the requirements of the specific campaign.

The PCA model analyzed the associations among the original fields and identified two components. More specifically, the SMS and MMS usage appear to be correlated and a new component was extracted to represent the usage of those services. Similarly, the number and minutes of voice calls were also correlated. The second component represents these two fields and measures the voice usage intensity. Each derived component is standardized, with an overall population mean of 0 and a standard deviation of 1.

Clustering techniques reveal natural groupings of ‘‘similar’’ records. In the small stores of old, when shop owners knew their customers by name, they could handle all clients on an individual basis according to their preferences and purchase habits. Nowadays, with thousands or even millions of customers, this is not feasible. What is feasible, though, is to uncover the different customer types and identify their distinct profiles. This constitutes a large step on the road from mass marketing to a more individualized handling of customers.

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