JMP UK broke new ground last week when we held a new seminar on Statistical Discovery in Consumer and Marketing Research. And what better place to hold it than The Shard, the latest building to smash through London’s skyline. It stands out as the highest building in the city, so it is fitting that JMP, which stands out as the best in desktop data analytics, should choose that venue.
The event was attended by delegates from a wide range of industries, from media to marketing, and from finance to pharmaceuticals. We aimed to show how you can use JMP to:
- Get deep insight into your consumer and market research data
- Through the unique marriage of advanced analytics with compelling visuals.
- Get more from your current environment, be it a database, Excel, SAS, SPSS or some other statistical package.
- JMP is simple to install and easy to use.
- Build better models to understand what drives your customers’ behaviour.
- Perform scenario analysis with your clients and executives.
- Ultimately, make better marketing decisions faster.
Ian Cox, our European Marketing Manager, introduced the seminar. He described how we would use case studies to show how you can separate the signal from the noise in your data easily. He also acknowledged, to nods round the room, that people in marketing tend not to be statistical experts, so having a simple way to access the right method is important.
The cases studies covered a wide range of themes from visualizing and exploring general and geographic data, to building models to understand the drives behind customers leaving your business. Robert Anderson explained how you can build better models by the breaking the data set into three portions -- one to train the model, another to validate that it's the best model to avoid overfitting, and one, which is not used in the model-building process, to test how good the model is. He showed how you can use bootstrap forest combined with this model validation method to build a robust model that you can have confidence in -- without having to understand the statistics behind the method. He demonstrated how you could compare models to get an idea of which would give the best return on your campaign. He also showed how you can profile these models so that you, clients and executives can do “what if” analysis to test different scenarios.
A member of the audience asked how easy it is to deal with outliers and missing values in JMP. Robert explained that we see these and correlations as “messy data” and that JMP has many ways of dealing with it, such as:
• Using the missing data pattern to understand where you have missing values.
• Using Informative Missing in JMP to understand if “missingness” is important.
• Using the Bootstrap Forest in JMP to build models that are robust to outliers.
We showed how rich the modelling techniques in the software are through two examples of other modelling techniques for particular problems:
• Using Partial Least Squares (PLS) to analyse short and wide data sets where regression techniques would not be effective, for example, with sensory panel data.
• Using Uplift Modelling to target your campaign at the people who are going to respond best to it.
The event proved very popular, with double the number of people registered to the seats available. We are thinking about whether to hold the event again, so if you would be interested in it, let me know by emailing me.