Metrics Based Marketing
Lever10, a marketing science consultancy focused on metrics based marketing, today announced the formation of the MadScience.io Research and Development Group. MadScience.io will focus on the development of real-time predictive software modules in the business analytics market. The new group, comprised of mathematicians in North America and Eastern Europe, delivered its first real-time module to Lever10 for production deployment in early October 2013.
According to Grover Righter, Chief Scientist for MadScience.io, “We decided to separate the operational consultancy of Lever10 from the R&D focused team at MadScience.io. We have seen a massive shift from descriptive systems to predictive real-time systems in a very short time frame. Our large enterprise customers are seeking not only new modules, but entire new platforms.”. Mr Righter elaborated that the emphasis in 2014 will be on R and Octave, both open source platforms replacing legacy systems.
Mr. Righter explained that descriptive statistical models are normally deployed using commercial licensed software costing several thousand dollars per user. The economics of these platforms does not extrapolate to real-time descriptive platforms where hundreds of servers may be required during peak traffic events. In effect, the push by large enterprises to predictive systems will also necessitate a move to open source mathematics and statistics operating environments.
The Mathematics of Growth Hacking
Lever10 was formed in 2003 to pursue metrics based marketing. Since its formation, Lever10 has conducted hundreds of science-based marketing projects with more than 250 major clients. Initially, all projects were built on classical statistical models. But as big data repositories entered the main stream, Lever10 added new solutions not based on the normal (or Gaussian) distribution, which cannot be integrated. These new mathematical techniques have evolved into what is now called “Growth Hacking”, methods for business growth via math methods.
R is an open source intellectual property of the R Foundation. Octave is a GNU project. Lever10 and MadScience.io are trademarks of Lever10.