Ian Cooper, Alteryx Practice Lead, Amplify
Using predictive analytics to optimize store openings would be beneficial for several reasons. It mitigates the risk of opening stores in locations that cannot support a new store at that time due to lack of customer base or over saturated trade areas. Similarly, determining optimal customers to market ensures more successful ad campaigns by carefully selecting potential customers with a high likelihood of responding.
While something like Python could be used to produce a model, Alteryx is more efficient for development and makes gathering the data simple. The Experian dataset, business insights, etc., can be bought through Alteryx and is integrated with the designer tool for a quick startup.
Watch this webinar if you are asking the following business questions:
• What are my most valuable customer types?
• Where should I open a store?
• How successful would a store be if I opened one in a certain location?
• Which customers/potential customers should I market to?