Simon Predict Overview
Simon Predict is an optional premium feature
Contact your account manager to get started.
Simon Predict unlocks the power of predictive data science to drive marketing success both inside and beyond Simon.
What is Predictive Analytics?
According to IBM, Predictive Analytics is “a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.” 1
With machine learning, we train (teach) a model (an advanced math algorithm) how to make accurate predictions by exposing it to your customer data.
Simon Predict Models:
- Churn Prediction Model (calculates how close a customer is to churning)
- Purchase Prediction Model (calculates how close a customer is to their next purchase)
- Second Purchase Propensity Model (calculates how likely a customer is to make a second purchase)
- Product Recommendation Model (predicts what product a customer is most likely to purchase next)
How it works
The Simon Predict models use your historical purchase and engagement data to power machine learning algorithms that produce actionable insights unique to your organization. Each predictive model runs every day so you can make your marketing decisions based on the most up-to-date insights.
|Week One||Simon integrates with your data sources|
|Weeks Two to Four||The machine learning algorithms take in your data and learn how to predict things like Churn risk based on your customer data.|
|Week Five||Predictive data is optimized and turned into relevant insights ready for you to use in Simon.|
Churn and Purchase Prediction models are retrained quarterly, and the Product Recommendation model is retrained weekly so that they remain in sync with your customer life cycle.
Want to learn more, or ready to get started with Simon Predict? Contact your account manager for more information.
1: IBM (2022) What is Predictive Analytics? (<https://www.ibm.com/analytics/predictive-analytics>)
Updated 4 months ago