Unlike operational data which are highly normalized, analytical data are stored in non-normalized structures that are likely to display many data redundancies and duplications, so that the same data can be categorized in many different ways to represent different snapshots of the data.
What do you mean by text analytics
Text analytics combines a set of machine learning, statistical and linguistic techniques to process large volumes of unstructured text or text that does not have a predefined format, to derive insights and patterns.
Why k-means clustering is used
The K-means clustering algorithm is used to find groups which have not been explicitly labeled in the data.
This can be used to confirm business assumptions about what types of groups exist or to identify unknown groups in complex data sets.
What is K means algorithm in data mining
Kmeans algorithm is an iterative algorithm that tries to partition the dataset into Kpre-defined distinct non-overlapping subgroups (clusters) where each data point belongs to only one group.
What are targeting tools
A tool that can be used to find suitable sites that are similar to already existing farmlands under a certain type of crop.
What is Rfm model in machine learning
RFM (Recency, Frequency, Monetary) analysis is a proven marketing model for behavior-based customer segmentation.
It groups customers based on their transaction history – how recently they purchased from your company, how often, and how much did those customers buy.
How do you do RFM analysis in Python
Steps of RFM(Recency, Frequency, Monetary): Calculate the Recency, Frequency, Monetary values for each customer.
Add segment bin values to RFM table using quartile. Sort the Customer rfm score in ascending order.
What is the most important factor in RFM
The order of the attributes in RFM corresponds to the order of their importance in ranking customers.
Recency is the most important factor. Why? Because the longer it takes for a customer to return to your business, the less likely he or she is to return at all.
What type of algorithm is Knn
The k-nearest neighbors algorithm, also known as KNN or k-NN, is a non-parametric, supervised learning classifier, which uses proximity to make classifications or predictions about the grouping of an individual data point.
What is RFM in CRM
What is RFM (recency, frequency, monetary) analysis? RFM analysis is a marketing technique used to quantitatively rank and group customers based on the recency, frequency and monetary total of their recent transactions to identify the best customers and perform targeted marketing campaigns.
When calculating RFM a value of 5 for frequency would indicate
What is a good RFM score? The best RFM score is the one with the highest values for each variable.
If a store uses a 1 to 5 scale for recency, frequency, and monetary, with 5 being the highest, then the perfect RFM score is 555.
What is RFM Matrix
The solution. Custobar’s inbuilt RFM matrix allows you to identify your new, VIP, passive, and “lost” customers based on when they have been active and how often they have purchased.
You can quickly launch campaigns to reach these different groups.
Citations
https://towardsdatascience.com/clustering-algorithm-for-customer-segmentation-e2d79e28cbc3
https://www.preplounge.com/en/consulting-forum/difference-between-market-segments-and-customer-segments-3515
https://www.gwi.com/reports/beginners-guide-to-consumer-profiling
