Analytics
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Alteryx Strategic Analytics 8.5 introduces new predictive capabilities designed to make you and your business even smarter when it comes to finding out what actually works. This is the first of three blogs focused on what these new predictive capabilities can do for you. Too many times you’re forced to guess at where, when, and what your customers want to buy, or you start with a successful pilot promotion and then fail to see real results when it’s rolled out company-wide. Alteryx Strategic Analytics 8.5 includes new predictive capabilities so you know in advance what’s much more likely to work. Let’s start with new tools that help you understand what’s works best. |
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A/B Testing
Alteryx enables you to make better decisions about your customers’ experience, without the need for terabytes of customer- and transaction-level data. Our new A/B Testing tools help you innovate by providing (as my colleague Dr. Dan states) “tools [that] assist users in conducting marketing experiments to look at the potential returns to new promotional programs, store remodeling programs, pricing changes...”. There are a number of new tools that help you make the most of A/B Testing.
Let’s say you work as a data analyst at a major mobile wireless carrier looking to remodel its stores, but unsure of how much extra revenue it would generate. The A/B Treatments tool would help you select which stores would be best for your pilot remodeling program. A/B Controls on the other hand, enable you to pick which stores should serve as your control group (no remodel) but are still most akin to the remodeled stores. The A/B Trends tool would help you factor in general growth trends as well as seasonality. Finally, A/B Analysis helps you use both visual and statistical analysis to compare results between the remodeled stores, and the control group.
Market Basket Analysis
Our new Market Basket Analysis tools enable you uncover previously unknown relationships between different items. You may already know that people who buy hot dogs also buy buns. But you may discover that people who buy a specific brand of hot dogs tend to then buy a much more profitable brand of gourmet mustard. Your business decision makers can use that knowledge when they’re planning their promotions, placement and merchandizing. Other relationships may be less causal, but just as profitable - including identifying the most frequent and profitable sets of items or services bought together. Alteryx helps you become even smarter with additional tools to evaluate the relationships you uncover by analyzing how often they appear in your data, how likely a customer is to be cross-sold, and estimating how much of a lift in sales that relationship provides beyond random variation within your transaction dataset.
Get Started Today
Both A/B Testing and Market Basket Analysis are crucial components for any customer analytics program. The former enables you to understand what works best, and the latter helps you do more of what you do well already.
Get started with both sets of tools in Alteryx Strategic Analytics 8.5.
Not yet a customer? Then our new Project Edition contains both sets of tools available for full use across all of the data you have available.
Dipesh Patel
Director of Product Marketing at Alteryx.
