Likelihood to buy again
Likelihood to buy again predictions reveal how likely individuals are to purchase again, enabling you to focus your customer engagement effectively.
In this tutorial, we'll show you how to:
- Create a predictive model for likelihood to buy again using an outcome.
Let's dive in.
- You'll need a Faraday account — signup is free!
Confirm your data
Cohorts
Unless you’ve already created them for another quickstart or purpose, you’ll need to add the following cohorts to your account:
- Repeat purchasers
- Customers
What’s a cohort?
A cohort is Faraday’s term for a commercially significant group of people — for example, a brand’s customers, leads, or even “people who bought X and Y and then cancelled.”
Cohort membership is fluid — continuously computed by Faraday — and is defined by events its members must all have experienced and/or traits its members must all share.
For example, a Customers cohort could be defined as the group of people who have all experienced a Transaction event at least once.
For more, see our docs on Cohorts, Events, Traits, and Datasets (which define how events and traits emerge from your data).
To verify, use a GET /cohorts request. Your response should look like this:
[{
"name": "Repeat purchasers",
"id": "$REPEAT_PURCHASERS_COHORT_ID"
, ...}{
"name": "Customers",
"id": "$CUSTOMERS_COHORT_ID"
, ...}]Make note of the IDs of the necessary cohorts.
If the required cohorts aren’t there, follow the instructions using these buttons, then return here to resume.
Configure your prediction
Create a likelihood to buy again outcome
Use a POST /outcomes request:
curl https://api.faraday.ai/outcomes --json '{
"name": "Likelihood to buy again",
"attainment": "$REPEAT_PURCHASERS_COHORT_ID",
"eligible": "$CUSTOMERS_COHORT_ID"
}'Your outcome will start building in the background. You can proceed immediately with the next set of instructions. When your outcome is done building, you’ll get an email.