Hello, I am looking for suggestions to better predict the number of loyalty cards sold.
A company I work at has a 'pay for' loyalty program. We track how many loyalty cards we sell daily. I was able to build a linear regression model based on NumberOfCardsSold, TrafficInStore, GrossRevenue for a specific day. R-square is 97.5%. All p-values are less than 0.05.
In order to drive loyalty card sales from time to time, we execute different card-related promotions and sometimes these promotions may last for several days. At first, I was thinking to add dummy variables for different promotion types but then realized that it doesn't take into account the number of days we run these promotions for.
Essentially, I'm trying to estimate the boost that a particular promotional card-related event would have on a number of loyalty cards we'd sell that day. So if we're missing a monthly plan, we could launch certain promotions to get us back on track.
I'm not strong in various statistical methods, just basics like moving avg or simple linear regression. What approach would you recommend in my case?
Thank you!
A company I work at has a 'pay for' loyalty program. We track how many loyalty cards we sell daily. I was able to build a linear regression model based on NumberOfCardsSold, TrafficInStore, GrossRevenue for a specific day. R-square is 97.5%. All p-values are less than 0.05.
In order to drive loyalty card sales from time to time, we execute different card-related promotions and sometimes these promotions may last for several days. At first, I was thinking to add dummy variables for different promotion types but then realized that it doesn't take into account the number of days we run these promotions for.
Essentially, I'm trying to estimate the boost that a particular promotional card-related event would have on a number of loyalty cards we'd sell that day. So if we're missing a monthly plan, we could launch certain promotions to get us back on track.
I'm not strong in various statistical methods, just basics like moving avg or simple linear regression. What approach would you recommend in my case?
Thank you!