Driver Analysis

Driver analysis is a statistical tool that uses multiple regression to identify the specific parameters of a product or a service that drive a particular action.

Some of the questions that driver analysis answers are:

  • * What aspects of my restaurant business results in higher customer retention?
  • * What are the specific product features that lead to purchase?
  • * Is recommendation for my brand occurring due to the product performance or service satisfaction?

Benefits of Driver Analysis

The main benefit that driver analysis lends for your business is an understanding of the factors that you need to tweak to make things turn. For example, an understanding of the features of a product that drive purchase can help you devise a communication strategy around the feature ensuring better sales. If you are concerned about customer retention for your business, driver analysis to understand the factors that drive retention can help you better service levels.

Methodology

Mineful uses a multi-attribute value regression model to assign weights to each independent variable. The algorithm runs through all possible combinations of independent variables to select the model with the highest goodness of fit.

The output is simple. It gives you a chart with all the independent variables with a relative weight on how much each variable is "driving" the dependent variable

Driver Analysis Chart