For this project, I did an analysis on the beverage market in Thailand, in the capacity of a data consultant, so as to recommend to an up-and-coming company on what insights they can derive based on the current state of the market to ensure the success of their budding business.
1. Recommend to a company what they should be doing based on analysis of data
2. Gather insights of data that would be useful for starting a company
1. RFM
2. Market Basket Analysis
3. Recommender System
RFM stands for Recency-Frequency-Monetary. Reason why this method was used is because it is useful in determining which customers are worth to keep and which are worth to let churn. RFM is one of a few methods for customer analysis, where we look into the categorisations of the customer base. We thereafter leverage upon the analysis that we mined and determine which customers we want to target.
MBA is useful in determining the association patterns between products. This will help us see how each of the beverage products that have been sold in Thailand are interconnected. From this, we will be able to know how the connections between beverages help leverage each other for sales.
Something as simple as looking at what the masses are doing can help with sales. This simple psychology is why trends are such a powerful tool in helping with advertisement. By looking at popular products based on varying demographics, it would be easier to understand the customer base and what they want or might want.