Understanding customers helps a lot while doing business with them. Knowing their patterns and their needs, we can customize the product line accordingly and suggest products to them making a win-win situation for all.
Alteryx provides a set of tools in doing behavioral analysis with customer data. It allows to create profiles on a dataset, compare them and analyze their buying behaviour. It uses Solo cast engine which can be obtained from Alteryx by subscription.
Solocast engine is a state-of-the-art mining tool developed by Alteryx used for cluster coding and reporting on the behavioral analysis. It lets you understand customers, split them into demographic groups and use those groups to predict the customer buying behavior in that area.
Solocast is powerful since it provides:
- Make analysis easy by providing step by step guide so that non-technical persons can work with customer data
- Works with geo tools, like trade area, drive time polygons, thus making the analysis specific to any geographical location.
- Can interactively filter customers from databases so that analysis can be done on key customer groups like customers who have a specific buying pattern
You create profile sets for analysis in the Alteryx. Profile sets consists of profiles and profiles are objects that can be anything which is assigned a segmentation code. This assigned segment code makes one capable of quantifying the likelihood of a product being successful in a geographical area.
The created profile sets can also be compared with another cluster database and Solocast finds out similarities and differences between the profiles from two datasets and assigns a correlation score. This correlation score is an evaluation of the market potential.
By comparing databases like address, products and sales information we can find how many potential customers are present. The solution can be derived in terms of how many households or orders or revenue that can be generated.
Alteryx provides 10 tools to work with the Solocast engine and all the tools require Solocast subscription. Let’s see what each tool does:
Behavior Metainfo Tool
It returns information about the installed behavioral datasets.
Cluster Code Tool
It appends a cluster code field to the records.
Compare Behavior Tool
It analyzes and compares two profile sets.
Create Profile Tool
It creates a profile from the data input.
Detail Fields Tool
It returns detailed information about the cluster-specific to the profile.
Profile Input Tool
It allows using the profile as an input in the workflow.
Profile Output Tool
It allows to output a stream of profiles into a Profile set (*.scd file).
Profile Rank Report Tool
It takes two profiles and generates a rank report for them.
Profile Comparison Report Tool
It takes two profiles and generates a comparison report for them.
Profile Detail Report Tool
It takes a profile and generates a detailed report for it.
Read more about similar Self Service BI topics here and read more blogs from Alteryx category here.
