What makes data mining such a popular tool among businesses are all of the different ways it can be used. Nearly every aspect of a business can benefit from the information data mining provides daftar judi slot. Data analytics firm KISSmetrics believes there are a wide variety of ways businesses can use data mining to increase customer loyalty, unlock hidden profitability and reduce client churn. In a recent blog post, the company outlines the various ways to use data mining to get a competitive edge. They include:
Basket analysis: Also known as affinity analysis, this uses the data on products a customer bought in order to help brick-and-mortar stores improve their layouts or help online stores recommend related products daftar slot online. It’s based on the assumption that companies can predict future customer behavior by past performance, including purchases and preferences.
Sales forecasting: This looks at when customers made purchases, and tries to predict when they will buy again. Businesses can use this type of analysis to figure out complementary products to sell.
Database marketing: By examining customer purchasing patterns and looking at the demographics and psychographics of customers to build profiles, businesses can create products that will sell themselves.
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Merchandise planning: Brick-and-mortar businesses looking to expand to new locations can evaluate the amount of merchandise they will need by looking at the exact layout of a current store. For an online business, merchandise planning can help determine stocking options and inventory warehousing.
Card marketing: Businesses that issue credit cards can collect the information from their usage, identify customer segments and then use that data to create programs that improve retention, boost acquisition, target products to develop and design prices.
Call detail record analysis: Businesses that use telecommunications can mine that data to see use patterns and build customer profiles. They can then use that information to construct a tiered pricing structure to maximize profit.
Market segmentation: Data mining can be used by businesses to segment customers by age, income, occupation or gender, which is helpful for email marketing campaigns and SEO strategies.
There are many examples of grocery store chains using data mining to their advantage. In a lecture to his students at UCLA one professor gives a popular example of how one grocery store chain discovered that when men bought diapers on Thursdays and Saturdays, they also tended to buy beer. Further analysis showed that these shoppers typically did their weekly grocery shopping on Saturdays.