You’ve spent the time collating your customer data, using data entry systems and gathering together a whole heap of facts and figures. The issue is that if you don’t then use this valuable data, you’re wasting an incredibly valuable resource.
The data you have is a goldmine and is going to give your business the competitive edge you need. Here are three reasons why:
Market segmentation
One of the very best ways to use data is to break down information about your customers. Use your data to dig deep and divide your customers into age, income, geography and so on. All this information will help you to create intelligence-led marketing actions that will speak directly to your customers and their individual needs. Your SEO activities will be focused and driven, your email marketing will know exactly which tone to take and you’ll work out how to get the advantage over your nearest competition.
Unique offers
When you understand who your customers are, you’ll know how to create products that suit them best. This unique insight will help you to tailor your existing products or services and create new ones that appeal directly to your customer base.
Forecasting
When you mine data, you have the chance to spot trends and habits among your customers. This, in turn, allows you to plan better for your marketing and sales initiatives. If you know that your customers are likely to buy more of your products at certain times of the year, then you might want to up your marketing activities during the low season.
You’ll also be better prepared in planning your budget and making those decisions that help your business run more smoothly and efficiently from month to month.
Data mining is a huge asset to companies that connect directly to customers. All that information you’ve collected over the months and years, mustn’t go to waste but instead can be used to give you the competitive edge over your nearest rivals and connect with your customers in a more meaningful and targeted way. Get your data working for you with data mining.