Data Mining Tips That Can Help You Succeed in the Market

Data Mining in Business

Data mining is something which is carefully mining the customer’s information to identify customer’s behavior to increase revenues. It is largely used nowadays by brands and startups with a strong customer approach to crunch their transactional data and determine preferences to impact sales and gain customer satisfaction.

It is pretty sad when only 21% of your customers are opening your emails. Email marketing services are helpful to increase the number of email openers and click through. All this is possible with the power of grinding customer data. From age to gender, community to location, and buying history to credit scores, everything can be slice and dice by computer algorithms.

A retailer can record the purchasing behavior of customer and based on that specific detail, he/she can offer them products and promotions to attract them for buying. Businesses have been mining huge data warehouses to create new opportunities. In this post, we are going to discuss some tips on converting big data into big opportunities.

Categorize Your Customers

Don’t send emails overly or in a random manner. Just categorize them as per attributes, include some common habits like the time of visiting the website and purchasing history. With the help of this information, customers will be more likely to open the email and proceed to buy.

Create Customized Campaigns

With the help of predictive analytics, you can create customized campaigns. Predictive analytics is the use of statistical algorithms, data, and techniques to identify the probability of buying based on previous data. The objective of predictive analytics is to deal with future possibilities and offer the customers according to them. This is a highly personalized approach to hit the consumers.

Pay Attention to the Projects you Take on

To make more opportunities, try to focus on the projects which are more aligned with business values such as increasing brand awareness, improving customer loyalty, cross-selling methods or identifying frauds. Identifying problems and resolving each is a cool move to proceed in business. It is like adding nothing in profit but working on the issue is actually beneficial as it makes us free to spend additional cost in future to resolve it.

Refresh your Model Regularly

If you have just limited yourself to predictive techniques and not optimize your real-world information for business, you are missing great opportunities to fit real data. Here the point is, change your procedures regularly and don’t stick to single the approach for one time. Optimize multiple techniques and refresh your own model to get more insights on the data.

Make your Insights More Meaningful to Other People

If you are a strategy maker, you have to present the data model to other members. Whatever your model is, it must be well planned by you and you must be able to clear its picture by every dimension to people who are associated with the business. Don’t use statistical jargons instead use practical examples to make everybody understand.

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Set Expectations

Identify your outcomes with the help of your prospective moves and set expectations for yourself. Look at your past and present competitors and set your own future based goals. It is often good if you are pre-planned to utilize opportunities. Prepare the ground of opportunities for yourself by identifying outcomes through data mining.

Create a Maintenance Plan

You must have an effective maintenance plan always like how to utilize old data and where to put the significant one. These things must be considered for reserving the resources for a long time and here we need a regulator in the entire process who can work for all these concerns. In this case, your business analytics will be secure and stay on a healthy ground.

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Explore Google Trends

There is no doubt that Google is itself a big search engine to get every kind of data but at the same time, it offers free tools as well such as Google trends. Google trends let you explore entire term with categories, region, and keyword ideas. Google hunts its data banks and shows us results for the top related terms.

Monitor your Social Media

Keep your eye on people who are linked with you on social channels. It is a good practice to know what they are talking about you, your competitors and other relevant things. Remember every reaction of service users is an opportunity to engage with them. Show deliberation to them and solve their issues and turn even a critic into a supporter.

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There are a lot of tools available to monitor your social channels. You can pick any of them as per your need and budget. If you are a well-established brand, you can go for the professional tools like Radian6 or Adobe Marketing Cloud. If looking for a free tool to avoid additional cost, you can optimize tools like SocialMention.com. You can also use the saved search feature on Twitter to know more closely about their ideas.

Quantify your Website

Have you ever tried to look into your website traffic reports? What kind of people search for you? Well, you can have a tool to analyze your visitor’s behavior like from where the people belong to, how they come to your website and what categories are most searched by them.

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Quantcast has launched a free tool that lets you do so by just typing your website URL and you’ll get the complete report of everything happening on your website. Once you know the visitor’s by their activities, it’s better to offer them what they are looking for. In this way, you are creating new market opportunities for you by your own.

Final Thought

Online data is the fuel that drives utter growth to your business. Marketers must do data mining to set their business goals and achieve them. There are plenty of sources to do so. You can get in touch with a digital marketing company as well. Digital experts have fluency in the practices of managing and utilize data and can effectively enhance your business performance online.

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About the author: Hemendra

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