Overview

Faraday's insights allow you to compare your customer groups against one another and those across the county using FIG. Understanding who your customers are and what makes them unique will allow you to think more about targeted outreach, such as the imagery and message you use, and even start to think about future products to offer and promote.

General questions

How are customer insights different than personas?

  • Insights allow you to select groups to compare, using FIG data to provide additional information about each group. Where personas are defining groups/clusters from your customers to develop personas. Insights are absolute comparisons rather than machine learning generated groupings.
  • An example of comparison includes comparing your customers against the general US population

There isn’t a huge difference between the audiences, why show them?

  • Although 1% differences may seem too small to matter, we choose to show them on larger populations as our Data Science team believes there to be statical significance.

Why do certain groupings have much higher percentages in all lifestyle fields?

  • This is typically tied with financial resources/income - those folks have more money to spend and that is reflected in these various categories.

Terminology

Term

Definition

First-party data

Your customer data is what we call first-party data

Median

The middle value of the given group used in the comparison

Groups/Segments

Groups of people, in this context used for selecting whom you want to run the comparative analysis using

Distribution

The distribution of a variable is a frequently-visual description of the relative numbers of times each possible outcome is observed or expected to occur

Quintiles

An evenly-split proportion of an ordered/ranked group. The most common versions are

  • Quartile: ¼ of a distribution
  • Quintile: ⅕ of a distribution
  • Decile: 1/10 of a distribution

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