BUS2003 Data Engineering & Python Report 1 Sample

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BUS2003 Data Engineering & Python Report 1 Sample

Assignment Brief

Case Study of Bank Marketing Campaign for Intelligent Targeting

In this case study, imagine yourself as a junior business analyst collaborating with the marketing team to analyse and identify the most effective campaign strategies for a bank aimed at attracting customers to open term deposits.

In marketing, successful marketing campaigns are characterised by their emphasis on customer needs and overall satisfaction. However, several factors can significantly impact the effectiveness of a marketing campaign, including:

• Customer Segmentation: Identifying the target population segment and providing a rationale for the selection. This element is crucial as it indicates which segment of the population is most likely to resonate with the message of the marketing campaign.

• Distribution Channels: Developing the most efficient approach to reach customers. It is essential to define the target population segment to be addressed and choose suitable communication channels, such as telephones, TV, and social media, for conveying the campaign's message.

• Pricing Strategy: Establishing the optimal pricing approach for prospective clients. Note that, in the context of the bank's marketing campaign, pricing may not be the primary focus, as the bank's main goal is to encourage clients to open deposit accounts to support its operational activities.

• Promotional Strategy: Describing the promotional strategy and how potential clients will be involved. This stage should be guided by a thorough examination of previous campaigns (if available) to learn from past errors and enhance the overall efficacy of the marketing campaign. Promotional strategy may not be the main focus of bank's marketing campaign.

Your task as a junior business analyst is to address several questions from the marketing team by using data analytics techniques such as data visualisation in Python and then present the findings in a report to the marking team.

Task 1: Investigate whether there is a significant age distribution difference between clients who make a deposit and those who do not.

Task 2: Analyse whether a client's job or career has an impact on their likelihood to make a deposit.

Task 3 : Explore how the duration of the last contact influences the campaign's success.

Task 4: Identify at least four campaign strategies for targeting customers to initiate term deposits, such as who should be contacted, how to contact them, and when to contact them. Present your findings on effective campaign strategies for targeting customers in a report to the marketing department. Your report should include compelling arguments along with substantial evidence, such as methods used, visualisations created, and summary statistics calculated, etc.

Submission Instructions

To ensure a smooth submission process for your assessment, please adhere to the following guidelines:

- Number of Files: You should submit two files, including a Google Colab Notebook (in .ipynb) containing the Python code for Tasks 1-4, and a report (in Word) for Task-4.

- The Python code within the Colab notebook should be free of errors and properly commented. Furthermore, the code should generate correct outcomes for each subtask, with a brief explanation of the results included in the notebook.

- The report should be 600 words well-structured, logically presented, and written in a clear and concise manner.

Solution

1. Introduction

As a junior analyst, a record has been performed to expose an in-depth analysis of the financial institution's advertising dataset to become aware of effective campaign techniques for concentrated on customers to initiate time period deposits. The analysis concerned exploring various factors together with demographics, process roles, contact duration, and former marketing campaign results to derive actionable insights.

2. Target Audience Segmentation

To maximize campaign effectiveness, it's critical to become aware of the most receptive consumer segments. Our analysis famous that positive demographic companies are more likely to subscribe to term deposits. Specifically, older individuals tend to show higher hobby, as indicated by the age distribution analysis. Therefore, one strategy is to consciousness on concentrated on customers aged 40 and above (Palepu et al., 2020).

 

Figure 2.1 Figure showing age distribution of clients

Insight from Graphs:

The age distribution analysis indicates that clients who made a deposit tend to be older, with a better concentration in the forty-60 age range. Therefore, targeting this demographic segment may want to yield higher effects in deposit subscription campaigns for university assignment help.

3. Communication Channels

Choosing the proper communique channels appreciably influences marketing campaign fulfillment. Based on the dataset, we observe that the period of the closing contact has a exceptional have an impact on on deposit subscription. Clients who were contacted for longer durations have a tendency to be more inclined to make a deposit. Therefore, making use of channels that permit for prolonged interplay, together with personalised cellphone calls or face-to-face conferences, could yield better effects in comparison to mass emails or SMS.

 

Figure 3.1 Figure shows duration of last contact time against the deposit

Insight from Figure:

The analysis of contact length suggests that clients who have been contacted for longer durations are more likely to make a deposit. This indicates that personalised communique channels taking into consideration prolonged interplay, including phone calls or face-to-face conferences, can be greater effective in engaging clients and inspiring deposit subscriptions (Awan et al., 2022). 

4. Timing of Campaigns

Timing performs a important position in campaign effectiveness. Our analysis indicates that contacting customers all through precise months of the yr can yield better consequences. For example, focused on customers in the course of the months of March, September, and October seems to result in higher deposit subscription fees. This could be attributed to different factors which include tax season, bonus payouts, or seasonal spending patterns. Aligning campaigns with these temporal traits can growth reaction prices.

Figure 4.1 Chart showing job role significance with the deposit

Insight from figure:

Analyzing the impact of job roles on deposit likelihood reveals exciting tendencies. Certain professions, together with control and blue-collar jobs, show higher subscription fees compared to others (McKinney, 2022). Therefore, tailoring campaign messages and gives to resonate with the options and needs of particular job roles can beautify engagement and drive deposit subscriptions.

5. Tailored Messaging and Offers

Personalization is prime to engaging customers and using conversions. By leveraging insights from previous marketing campaign consequences (Poutcome), we will tailor messaging and offers primarily based on clients' past interactions with the bank. Clients who've formerly answered undoubtedly to campaigns are much more likely to join term deposits. Therefore, crafting focused messages that renowned their past engagement and presenting special benefits or incentives can beautify campaign effectiveness.

Recommendations

- Classify the target audience based on age distribution, focusing on individuals aged 40 and above.
- Prioritize personalized communication channels such as phone calls or face-to-face meetings for better engagement.

- Plan campaigns around peak months for deposit subscription, including March, September, and October.

- Tailor messaging and offers based on clients' past interactions to enhance relevance and engagement (Niu et al., 2021).

6.Conclusion

In conclusion, adopting a information-pushed method to campaign making plans and execution is critical for maximizing marketing ROI. By segmenting the target audience, deciding on the right communication channels, timing campaigns strategically, and personalizing messaging and gives, the bank can drastically improve its success in attracting clients to initiate time period deposits. These insights ought to tell future marketing strategies to acquire higher effects and power enterprise boom.

References

1. Palepu, K.G., Healy, P.M., Wright, S., Bradbury, M. and Coulton, J., 2020. Business analysis and valuation: Using financial statements. Cengage AU.

2. Awan, U., Bhatti, S.H., Shamim, S., Khan, Z., Akhtar, P. and Balta, M.E., 2022. The role of big data analytics in manufacturing agility and performance: moderation–mediation analysis of organizational creativity and of the involvement of customers as data analysts. British Journal of Management, 33(3), pp.1200-1220.

3. McKinney, W., 2022. Python for data analysis. " O'Reilly Media, Inc.".

4. Niu, Y., Ying, L., Yang, J., Bao, M. and Sivaparthipan, C.B., 2021. Organizational business intelligence and decision making using big data analytics. Information Processing & Management, 58(6), p.102725.

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