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Ways That Mining Big Data Can Offer You A Competitive Advantage

Imobisoft blog

Many of the services offered at Imobisoft are focused on helping businesses develop competitive advantages over others in their sectors. Whether it is a new software solution that improves internal processes and makes the company more efficient, or a website that draws additional traffic through effective digital marketing, each of these services can solve issues that companies have in the modern technological environment.

A similar competitive advantage can be created through the effective mining of big data, which is an area that many SMEs still struggle with. To simplify things a little, we’ve listed a few ways that data mining can help you gain the advantage.

Tracking Consumer Habits

Referred to as Basket Analysis, this form of mining involves using the information you collect about your customers’ purchases, which can range from the items they bought, through to their locations and the amount each has spent, to make business critical decisions. Typically, these can involve deciding on layout changes on a website or physical store to ensure popular products are made more easily available, or the discontinuation of a product that has failed to capture consumer interest.

Forecasting Sales

So much of business relies on being able to predict market trends and anticipate the challenges that the future will bring. While data mining doesn’t offer guaranteed answers – nothing does – the patterns you see emerging in the data sets you generate can still be used to make sales forecasts based on accurate information. For example, your data can show you something as simple as how many potential consumers are in the areas you target with your marketing, through to how many competitors you will have to deal with, all of which can be used to generate forecasts.

Creating Customer Profiles

Identifying key demographics and target markets is crucial to any businesses plans and data mining can help you determine how well you are reaching these markets and what more can be done to gain exposure and develop your brand amongst the people who are most likely to buy your products. More interestingly, the data may also reveal markets that you have not specifically targeted but have proven surprisingly receptive to your products. In these cases, data mining can lead to an overhaul of marketing strategy that allows you to make even more people in that demographic aware of your product, which can result in increased sales if the patterns identified hold true.

Determining Customer Loyalty

Many businesses consider attracting customers as secondary when compared to keeping existing customers loyal. After all, data exists to show that repeat customers tend to contribute far more to businesses than those who just buy single products and never interact with them again. Data mining can help you figure out the percentage of customers who come back to your company for different products, revealing information about what you need to do to bring that figure up in the process. A number of companies offer specific tools for this purpose, including social media behemoth Facebook, and understanding what makes consumers stay and, perhaps more importantly, what prompts them to leave can help you understand what you need to offer to stay ahead.

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