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Cars are key, but statistical models are catching favor and acclaim. Rightfully so.
The Houston Auto Show recently debuted the 2019 Aston Martin DBS Superleggera TAG Heuer Edition at their Havana Nights Charity Preview Night. With a carbon fiber interior and a matte Monaco Black exterior, the car provided the kind of power and possibility that one dreams of when looking at a new, exotic supermodel of a supercar.
An incredible car to behold, some of the hottest 2019 models available are multiple regression models. Some of you would otherwise know this to be predictive models, predictive of when people will buy. There’s a lot of buzz in this space presently and just like this Tag Heuer edition of watch acclaim, it’s all about being on time AND in front of the right people at the right times with the right information.
Speaking of on time. Google’s predictive model--also known as its algorithm-- produced 263,000 results for “aston martin dbs superleggera tag heuer edition” in 0.54 seconds. Fast car. Hot model.
A cautionary tale about fast cars and fast models though—a company can no more explain 100% of the variation in a model than you can guarantee a customer’s 100% satisfaction with a vehicle purchase.
For what it’s worth, Google’s algorithm is a model, a real-time, multiple regression algorithmic model that cranks predictive results in nanoseconds. AT&T advertising delivers the same, and Amazon, and Facebook, and . . . you get it.
The hottest search models are looking to predict sales for the hottest car models.
And as a dealer, your predictive models should tie back to your sales models. Otherwise they’re not so hot.
In working with a vendor, your models should explain 40% of your sales. Your Super Statistical Models should explain 70% of the variation in your sales. If someone tells you they can explain 100% of your sales, run for the hills! It’s not possible.
Interested in moving past first click, last click, time decay and other attribution models and into the world of sales-minded statistical models? Find a service provider who can help you.
It will cost you a lot less than a new Aston Martin and will help stack the selling odds in your favor.