How To Accurately Predict If Your Prospect WIll Buy Using Logistic Regression in Excel
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Learn How To Predict If Your Prospect Will Buy With Logistic Regression in Excel. With Logistic Regression, You'll Be Able To Create a Quality Score For Your Prospect That Will Accurately Calculate the Probability Whether Your Prospect Will Purchase. This Is Extremely Valuable Information for Marketers. At the End of This Presentation Is a Video That will Walk You Through in Step-By-Step Instructions How To Do It As Well. Become an Excel Statistical Master of Logistic Regression !
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How To Accurately Predict If Your Prospect WIll Buy Using Logistic Regression in Excel
- 1. How To Predict If a Prospect Will Buy With Logistic Regression in Excel http:// blog.excelmasterseries.com /
- 2. What Is Logistic Regression? ● Logistic Regression is used to calculate the probability of an event occurring ● Logistic Regression is used when the dependent variable in a regression (Y) is binary (can only be 1 or 0) ● Marketers use Logistic Regression to create quality scores that calculate the probability of a prospect buying http:// blog.excelmasterseries.com /
- 3. An Example of Marketing Use of Logistic Regression We have historic customer data for the following customer attributes for each past prospect: 1) Whether or not the prospect purchased 2) Prospect’s age and gender http:// blog.excelmasterseries.com /
- 4. Available Data On Past Prospects
- 5. Use the Excel Solver To Calculate the Predictive Equation
- 6. To Solve for the Predictive Equation P(X), You Need To Solve for L (the Logit)
- 7. You Will Use the Excel Solver to Solve for “Solver Decision Variables” (A, B, and Constant) Which Cause the Predictive Equation P(X) To Be As Accurate As Possible
- 8. As Before Running the Solver, Create the Following Data Columns on a Spread Sheet
- 9. The Fundamental Basis for Logistic Regression Is Solving For The Above Equation http:// blog.excelmasterseries.com /
- 10. The Excel Solver finds “Solver Decision Variables” (A, B, and Constant) that maximize the sum of the last column
- 11. The Solver Dialogue Box http:// blog.excelmasterseries.com /
- 12. The Solver Finds the Solver Decision Variables (A, B, and Constant) that Optimize the Predictive Equation as Above http:// blog.excelmasterseries.com /
- 13. You May Have To Adjust the Solver Constraints To Find the Most Accurate Predictive Equation http:// blog.excelmasterseries.com /