Using some of the most advanced frameworks for choice modelling, Managility offers a range of standardised programs to help our clients To:
- Determine price sensitivity of specific choices and
- Accurately predict customer behaviour
The Australian Winter Festivals are one of the biggest outdoor winter event in Australia and attract around 400,000 visits per year. The event promoters hired Managility to provide insight into what factors of the event are most valuable to customers and how to develop an optimal pricing strategy. The outcome was an interactive model that uses 8 aspects (locations, attractions, hospitality offerings etc.) with a variety of options that enabled the organisers to develop an optimal product profile that maximises customer value and event profitability based on real customer choices as opposed to unreliable traditional surveys.
Choice modelling is a concept to model the decision process of an individual or segment in a specific context. It is particularly suitable for monitoring “real behaviour” as opposed to survey answers and may be used to value the price of choices and their costs.
Different approaches for the concept exist in econometrics, marketing, sociometrics and other fields, including utility maximisation, optimisation applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled.
In addition Choice Modelling is regarded as the most suitable method for estimating consumers’ willingness to pay for quality improvements in multiple dimensions. The Nobel Prize for economics was awarded to a principal proponent of the Choice Modelling theory, Daniel McFadden.
The Managility customer analytics programs consist of cloud based platforms for running a wide variety of choice modelling experiments (best-worst, experimental designs, etc.) based on a combination of combinatorial mathematics and behavioural theory.
The results of Managility Choice Modelling process were invaluable for identifying what really added value to our event and what customers were willing to pay for it. Chris Doerfel – Director Australian Winter Festivals
Data Science without the hype
A pragmatic & proven approach
Managility cover all advanced analysis methods relevant from a business perspective including:
– classification
– regression
– clustering
– anomaly detection
The right support
Delivering a great predictive analytics requires more than just a good product. You need talented consultants who understand your organisation’s unique business challenges, and who won’t abandon you once the solution goes live.
All Managility’s customers receive ongoing support so we can make sure they get maximum value from their investment. Whether you’re looking for predictive analytics consulting services in Sydney, Melbourne, Brisbane or Perth, Managility has the local presence to help.
To find out more about how Managility can help your organisation make better business decisions, call us today.
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