Logo

Navigation
  • Home
  • Services
    • ERP Solutions
    • Implementation Solutions
    • Support and Maintenance Solutions
    • Custom Solutions
    • Upgrade Solutions
    • Training and Mentoring
    • Web Solutions
    • Production Support
    • Architecture Designing
    • Independent Validation and Testing Services
    • Infrastructure Management
  • Expertise
    • Microsoft Development Expertise
    • Mobile Development
    • SQL Server Database and BI
    • SAP BI, SAP Hana, SAP BO
    • Oracle and BI
    • Oracle RAC
  • Technical Training
    • Learn Data Management
      • Business Intelligence
      • Data Mining
      • Data Modeling
      • Data Warehousing
      • Disaster Recovery
    • Learn Concepts
      • Application Development
      • Client Server
      • Cloud Computing Tutorials
      • Cluster Computing
      • CRM Tutorial
      • EDI Tutorials
      • ERP Tutorials
      • NLP
      • OOPS
      • Concepts
      • SOA Tutorial
      • Supply Chain
      • Technology Trends
      • UML
      • Virtualization
      • Web 2.0
    • Learn Java
      • JavaScript Tutorial
      • JSP Tutorials
      • J2EE
    • Learn Microsoft
      • MSAS
      • ASP.NET
      • ASP.NET 2.0
      • C Sharp
      • MS Project Training
      • Silverlight
      • SQL Server 2005
      • VB.NET 2005
    • Learn Networking
      • Networking
      • Wireless
    • Learn Oracle
      • Oracle 10g
      • PL/SQL
      • Oracle 11g Tutorials
      • Oracle 9i
      • Oracle Apps
    • Learn Programming
      • Ajax Tutorial
      • C Language
      • C++ Tutorials
      • CSS Tutorial
      • CSS3 Tutorial
      • JavaScript Tutorial
      • jQuery Tutorial
      • MainFrame
      • PHP Tutorial
      • VBScript Tutorial
      • XML Tutorial
    • Learn Software Testing
      • Software Testing Types
      • SQA
      • Testing
  • Career Training
    • Career Improvement
      • Career Articles
      • Certification Articles
      • Conflict Management
      • Core Skills
      • Decision Making
      • Entrepreneurship
      • Goal Setting
      • Life Skills
      • Performance Development
      • Personal Excellence
      • Personality Development
      • Problem Solving
      • Relationship Management
      • Self Confidence
      • Self Supervision
      • Social Networking
      • Strategic Planning
      • Time Management
    • Education Help
      • Career Tracks
      • Essay Writing
      • Internship Tips
      • Online Education
      • Scholarships
      • Student Loans
    • Managerial Skills
      • Business Communication
      • Business Networking
      • Facilitator Skills
      • Managing Change
      • Marketing Management
      • Meeting Management
      • Process Management
      • Project Management
      • Project Management Life Cycle
      • Project Management Process
      • Project Risk Management
      • Relationship Management
      • Task Management
      • Team Building
      • Virtual Team Management
    • Essential Life Skills
      • Anger Management
      • Anxiety Management
      • Attitude Development
      • Coaching and Mentoring
      • Emotional Intelligence
      • Stress Management
      • Positive Thinking
    • Communication Skills
      • Conversation Skills
      • Cross Culture Competence
      • English Vocabulary
      • Listening Skills
      • Public Speaking Skills
      • Questioning Skills
    • Soft Skills
      • Assertive Skills
      • Influence Skills
      • Leadership Skills
      • Memory Skills
      • People Skills
      • Presentation Skills
    • Finding a Job
      • Etiquette Tips
      • Group Discussions
      • HR Interviews
      • Interview Notes
      • Job Search Tips
      • Resume Tips
      • Sample Resumes
 

Analyze Your Customers With Data Mining

By Exforsys | on July 26, 2006 |
Data Mining

Many business owners don’t realize the importance of the data they collect from their customers. While most of these businesses will store this information, this alone is not enough. The information that you store is not as important as how you use it.

Knowing how to collect and use the information you have can be valuable, and can also allow your business to greatly increase its profits. When you conduct business with your customer, this is an opportunity that you can use to learn more about them and their purchasing habits. If you do not take advantage of this vital information, your competitors will. 

While the most important benefit of data mining is increased profits for business owners, there are a number of other important advantages as well. You will be able to cross-sell products at a reduced cost. Because you will know the shopping patterns of your customers, you will be able to market to them in a way which will increase their retention. Data mining will also allow you to find the customers that are the most valuable. Based on the information you have, you will be able to alter your marketing strategy in a way that will allow you to reach more customers. As with anything, you will want to start with small amounts of data before attempting to tackle data that is more complex.

When many people first consider data mining, they are discouraged because they feel it is a complex subject. In reality, this is often not the case. Data mining can be broken down into various levels. If you are the owner of a small business, it is not necessary for you to use the expensive tools that are used by large companies. There are options available that are cheap and easy to learn. If you read a lot of the information related to data mining online, it will sound a lot more complex than it actually is. Don’t let this discourage you. Data mining is a term which is used for collecting, analayzing, and making decisions based on information. The information that you analyze will allow you to increase your revenue and provide better service to your customers.

Before you can use data mining techniques, you will first need to collect information on your customers. The information you collect can be simple, or it can be complex. The decision that you make should be based on your needs. If you are using data mining for the first time, it may be helpful to start with basic information that is easy to obtain. An example of basic information would be the names or addresses of your customers. Once you have collected and analyzed this information, there are a number of things you should have gained. First, you should be able to compare the number of female customers to male customers.

While some names can be male or female, you will have a good estimate of the primary gender that composes your customers. Having the addresses of your customers will give you geographical information on where they live. You may find that a large percentage of your customers live in a specific area. Now that you know the gender and location of your customers, you can now look at strategies that will allow you to earn more profits. For example, if you know that 70% of your customers are women, you can use data mining to find out how they shop. You can begin using marketing strategies which are directed towards women.

If you find that many of your customers live in California, you can use this geographical information to apply products or services to somone who is living in that region.

Here I have given you some basic information that you will have based on simply getting the names and addresses of your customers. Once you’ve done this, you can begin looking at even more detailed information such as buying habits, age, income, or marketing information. In addition to internal data you have about your own customers, you can compare it to external data that has been collected by the government or other agencies. Collecting and applying the right information can allow you and your company to profit.

« « Study Your Customers with Data Mining
Getting More Customers with Data Mining » »

Author Description

Avatar

Editorial Team at Exforsys is a team of IT Consulting and Training team led by Chandra Vennapoosa.

Free Training

RSSSubscribe 394 Followers
  • Popular
  • Recent
  • Data Mining Privacy Concerns

    July 26, 2006 - 0 Comment
  • Marketing Optimization with Data Mining

    July 26, 2006 - 0 Comment
  • Data Mining Tools

    July 26, 2006 - 0 Comment
  • How To Visualize Data Mining Results

    July 26, 2006 - 0 Comment
  • Importance of Interaction in Data Mining

    July 26, 2006 - 0 Comment
  • Data Mining Applications

    July 26, 2006 - 0 Comment
  • How Data Mining Works

    July 26, 2006 - 0 Comment
  • How Data Mining is Evolving

    July 26, 2006 - 0 Comment
  • How To Become Data Rich

    July 26, 2006 - 0 Comment
  • Connection Between Data Mining and Customer Interaction

    July 26, 2006 - 0 Comment
  • What is Data Mining

    July 27, 2006 - 0 Comment
  • How To Visualize Data Mining Results

    July 26, 2006 - 0 Comment
  • Marketing Optimization with Data Mining

    July 26, 2006 - 0 Comment
  • Data Mining Role in Database Marketing

    July 26, 2006 - 0 Comment
  • Getting More Customers with Data Mining

    July 26, 2006 - 0 Comment
  • Study Your Customers with Data Mining

    July 26, 2006 - 0 Comment
  • Connection Between Data Mining and Customer Interaction

    July 26, 2006 - 0 Comment
  • How To Become Data Rich

    July 26, 2006 - 0 Comment
  • How Data Mining is Evolving

    July 26, 2006 - 0 Comment
  • How Data Mining Works

    July 26, 2006 - 0 Comment

Exforsys e-Newsletter

ebook
 

Related Articles

  • What is Data Mining
  • How To Visualize Data Mining Results
  • Marketing Optimization with Data Mining
  • Data Mining Role in Database Marketing
  • Getting More Customers with Data Mining

Latest Articles

  • Project Management Techniques
  • Product Development Best Practices
  • Importance of Quality Data Management
  • How to Maximize Quality Assurance
  • Utilizing Effective Quality Assurance Strategies
  • Sitemap
  • Privacy Policy
  • DMCA
  • Trademark Information
  • Contact Us
© 2023. All Rights Reserved.IT Training and Consulting
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptReject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT