Leveraging Predictive Analytics - RESOTop Data Buzz Phrases • Predictive Analytics • Artificial...
Transcript of Leveraging Predictive Analytics - RESOTop Data Buzz Phrases • Predictive Analytics • Artificial...
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Leveraging Predictive Analytics
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• Predictive Analytics (we’ll get to this phrase)
• Marketing Intelligence
• Product Channels
• Prompt Presentations – to not impact lunch schedule (my strength)
Facebook.com/Mapvida
[email protected] (if you like MapVida, but don’t want to talk with me)
CONNECT? COMPETENCIES(AS FAR AS YOU KNOW)
WHO AM I?
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Top Data Buzz Phrases• Predictive Analytics• Artificial Intelligence• Small Data• Fast Data• Dark Data/Moneyball
“PREDICTIVE ANALYTICS”: ANOTHER BUZZ PHRASE?
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Top Data Buzz Phrases• Predictive Analytics• Artificial Intelligence• Small Data• Fast Data• Dark Data/Moneyball
Big Reveal:MapVida is focused on Predictive Analytics. I fear the phrase may be close to….
“PREDICTIVE ANALYTICS”: ANOTHER BUZZ PHRASE?
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Top Data Buzz Phrases• Predictive Analytics• Artificial Intelligence• Small Data• Fast Data• Dark Data/Moneyball
Big Reveal:MapVida is focused on Predictive Analytics. I fear the phrase may be close to….
shark
“predictive analytics”
“PREDICTIVE ANALYTICS”: ANOTHER BUZZ PHRASE?
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HOW YOU SHOP
JUMPING THE SHARK HAS ADVANTAGES – IT’S EVERYWHERE
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HOW YOU SHOPWHAT YOU WATCH
JUMPING THE SHARK HAS ADVANTAGES – IT’S EVERYWHERE
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HOW YOU SHOPWHAT YOU WATCH
ASSIST WITH SEARCH
JUMPING THE SHARK HAS ADVANTAGES – IT’S EVERYWHERE
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HOW YOU SHOPWHAT YOU WATCH
ASSIST WITH SEARCH
ASSIST WITH COMMUTES
JUMPING THE SHARK HAS ADVANTAGES – IT’S EVERYWHERE
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HOW CONSUMERS SEARCH
WHAT ABOUT REAL ESTATE?: USES OF PREDICTIVE ANALYTICS
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HOW CONSUMERS SEARCH
FINDING HOME SELLERS/BUYERS
WHAT ABOUT REAL ESTATE?: USES OF PREDICTIVE ANALYTICS
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HOW CONSUMERS SEARCH
FINDING HOME SELLERS/BUYERS
FINE-TUNING DUE DILIGENCE
WHAT ABOUT REAL ESTATE?: USES OF PREDICTIVE ANALYTICS
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EXAMPLES OF CREATING A PREDICTIVE APPROACH
Proprietary and Confidential
SSE on 30 random samples
SSE on actual sample
Bent @14-16 clusters
Flattening @14-18 clusters
Difference with +/- std dev of difference plot
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EXAMPLES OF CREATING A PREDICTIVE APPROACH
Proprietary and Confidential
SSE on 30 random samples
SSE on actual sample
Bent @14-16 clusters
Flattening @14-18 clusters
Difference with +/- std dev of difference plot
TOO MANY DATA SCIENTISTS
IN THIS ROOM
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• What are the outcomes you’re looking to predict (this can be harder than you may think)
• Determine the predictive method that works best with your data/approach (consult with your data scientist)
• Validate often and iterate
PREDICTIVE ANALYTICS CONCEPTS
BASICS
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• What are the outcomes you’re looking to predict (this can be harder than you may think)
• Determine the predictive method that works best with your data/approach (consult with your data scientist)
• Validate often and iterate
• Does your business generate data/outcomes (it does, but can you access at scale)
• What are the risks of use (risks of the model not working well, or regulatory risks)
• Implementation and ease of use (this is the biggest obstacle)
PREDICTIVE ANALYTICS CONCEPTS
BUSINESS BASICS
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WAKE UP
IT’S ABOUT TO GET MORE INTERESTING
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REAL ESTATE PREDICTIVE EXAMPLES
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CONSUMER: LOCATIONS AREN’T PUT INTO “CONTEXT”
Buying a Home
Renting an Apartment
Travel and Explore
THE PROBLEMS
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CONSUMER: LOCATIONS AREN’T PUT INTO “CONTEXT”
BUSINESS: IMPROVE REACH TO AUDIENCES AND LOCATIONS FOR GROWTH
Buying a Home
Renting an Apartment
Travel and Explore
Marketing Intelligence
Asset Management
Site Acquisition
THE PROBLEMS
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HOW WE ADDRESS THE PROBLEMS
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PROSPECT TOOLS
MARKETING TOOLS
PREDICTIVE ANALYTICS
BUSINESS INTELLIGENCE
WE FIND “LOOK-ALIKE” NEIGHBORHOODS
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PROSPECT TOOLS
MARKETING TOOLS
PREDICTIVE ANALYTICS
BUSINESS INTELLIGENCE
WE FIND “LOOK-ALIKE” NEIGHBORHOODS
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WE CREATED NEIGHBORHOOD CLUSTERS – AND ALLOW CONFIGURATION
MapVida Clusters Millions of Neighborhood Data Points to
Find the Familiar
Highly Correlated
Neighborhood
Geographic Data
Lifestyle
Business types/starts
School types/ratings
Rate of change
Walkability
Housing Affordability
(rents and purchase)
MapVida Compares and Contrasts Familiar
Neighborhoods
• Measure 17+ Years Rate of Change (not just a static snapshot of the neighborhood)
• Coverage: Top 150 MSAs in U.S.
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CREATED CONSUMER FACING TOOLS – TO HELP NAVIGATE UNKNOWN AREAS VIA DATA AND CONTEXT
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WE STARTED COMPARING OUTCOMES TO CLUSTER DISTRIBUTIONS – TO FIND OVERPERFORMING AREAS
WEB SITE TRAFFIC ASSET LOCATION VS. TRAFFIC
PRICE ELASTICITY PROFITABILITY/TENURE
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Proprietary and Confidential
Case study: Company adjusted its advertising to focus on MapVida’s suggested neighborhoods
57%
40%
Click Through Rate
Cost Per Click
Caveat: Results may vary based on market and previous marketing approach
FORTUNATELY FOR US, OUR APPROACH IS WORKING – MARKETING IS MORE EFFECTIVE
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Proprietary and Confidential
WE’VE ALSO BEEN ABLE TO ASSESS DEVELOPMENTS BASED ON PROFITABILITY AND MIGRATION PATTERNS
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Similar areas will be useful for realtors and consumers – when there is low inventory or high prices (e.g., realtors can offer solutions at all price points)
IDENTIFYING SIMILAR AREAS, BY CLUSTER TYPE, RANKED BY DESIRED OUTCOME
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Proprietary and Confidential
USABILITY WAS PARAMOUNT FOR OUR APPROACH
INTUITIVE RESULTS – JUST NEED TO KNOW WHAT YOU LIKE
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Proprietary and Confidential
USABILITY WAS PARAMOUNT FOR OUR APPROACH
INTUITIVE RESULTS – JUST NEED TO KNOW WHAT YOU LIKE
PERFORMANCE MEASURED ON ACCURACY AND EFFICIENCY
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Proprietary and Confidential
USABILITY WAS PARAMOUNT FOR OUR APPROACH
INTUITIVE RESULTS – JUST NEED TO KNOW WHAT YOU LIKE
PERFORMANCE MEASURED ON ACCURACY AND EFFICIENCY
MASS CUSTOMIZATION – APPLY TO CUSTOMER DATA
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HERE COMES THE PITCH!
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PICK YOUR CLICHÉ (THEY’RE TRUE, BUT STILL CLICHÉ’S)
WE’VE DONE A LOT OF HEAVY LIFTING – WITH RESPECT TO NEIGHBORHOOD SIMILARITIES, LOOKALIKE AUDIENCES
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PICK YOUR CLICHÉ (THEY’RE TRUE, BUT STILL CLICHÉ’S)
WE’RE FLEXIBLE– UP FOR INTERESTING USES OF OUR MODELS AND PLATFORMS
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PICK YOUR CLICHÉ (THEY’RE TRUE, BUT STILL CLICHÉ’S)
WE’RE INNOVATIVE– WE’VE PRODUCTIZED ANALYTICS SUCCESSFULLY AND ARE UP FOR A CHALLENGE