Simple, open transparent: it’s how we believe all client relationships should be, and that’s why, despi
te the sometimes highly technical nature of our work, we are committed to presenting the findings of our work back to our clients in a way that makes them very easy to understand, and more importantly, implement.
What’s more, because we are truly independent, we are one of the only agencies who can give you a truly honest view of how your marketing is performing. We always strive to find the reason as to why marketing activity has performed in the way that it has, but will never shy away from giving feedback both good and bad as we firmly believe that this is the only way you can make your marketing perform in the long run.
Step 1: Define
Client consultation and intuitive model map
The very first step in a modelling project is for us to gain a deeper understanding of how your business works, so we can structure our models accordingly. Indeed, this is a vital step in the process as a ‘good’ model should always be one that accurately reflects your business and the way in which consumers shop for your brand.
Step 2: Collect
Collect and refine the data sets
A natural output from step 1 above is a list of the data sources that we need to construct our models. Here, we suggest that a single point of contact is nominated on the client’s side whose responsibility it is to source all necessary d
ta. Once we have the necessary data, our
next step is to refine these data sets to make them ‘model ready’, and in doing so perform some initial analysis to both determine the accuracy of the data and explore any interesting quirks that may impact the modelling.
Step 3: Build
Build the initial models
Once we are happy with the data sets, the next step is to start to construct the initial models, with the length of time here depending greatly on the complexity of the models to be constructed. At Retail Alchemy, we follow a process of ‘Hypothesis testing’ in build
ng our models: starting with the intuitive model framework developed in Step 1, we then set about proving or disproving these theories using the models and their associated statistical tests.
Step 4: Refine
Interim feedback of results
Another vital step in the process, at Retail Alchemy we firmly believe that the best way to maximise the usefulness of our models is to work closely with the client at all times. Whilst we will continually update our nominated client contact with progress during the initial modelling process, the interim feedback session is designed to update a wider audience see the initial findings from the models with the aim of generating a level of discussion and, ultimately feedback that we can incorporate into the final models
Step 5: Deliver
Final model development and results
Once we have gathered all of the feedback from the interim session, we can then refine the models and output so that the final deliverable exactly matches the client requirements. Quite frequently, it is at this stage our work will be presented to a wider audience than the initial client contact, often including representatives from Finance, Operations or even senior leadership.
Rather than simply doing a one off project, we believe that the real benefit from our work is felt when it is updated and
implemented over time. Our models are only as good and as actionable as the last set of data that was fed into them, so in order to generate the maximum benefit it is vital that they be kept up to date.
We are therefore committed to generating a long term relationship with our clients so that they can gain the maximum benefit from our work.