It may not even occur to you, but you probably have tons of insightful and detailed information about your customers, which can help you grow your business.
What’s even better? This data can be analyzed easily, using a marketing technique called data mining, which can boost your business’s profitability and attract more customers.
Data mining: what is it?
Data mining is the process of crunching complex data about your customers – such as their purchasing behavior, credit scores, and income levels. You can discover specific patterns about your customers by examining this information, allowing you to sell more effectively to them.
It is possible to discover this information in a variety of ways since you already possess it. When customers make a purchase, fill out a survey, or spend time on your website, they’re giving you valuable information about:
· Their preferences
· How they like to shop
· When they like to shop
· How much they’re willing to spend
· How near they live to your location(s)
· Incentives-related conversion rates
Data mining: how to do it
To learn more about your customers, you can use their data in a variety of ways. Input the following information into a customer database to create and expand it:
· Sales
· Surveys
· Subscriptions
· Contests
· Email newsletters
One of the ways to improve customer loyalty with data mining is to directly ask your customers what they think your brand can do better to increase their loyalty. This type of engagement makes your brand seem more personable to your customers.
To obtain this rich data, talk to your customers:
· By asking them questions and responding to their feedback on social media, you can engage them
· Surveying them online to determine how they interact with your brand
· Engage customers in face-to-face interviews through focus groups
The simplest way to increase your brand’s engagement with your customers is to ask your salespeople and marketers what they think is the most effective way to increase customer feedback and engagement with your brand. Your future customer interactions and how you sell to them will be informed by the data you get from this technique. Using this information, you can:
· Promote only on the days when your customers are most active
· Offer relevant upsells and cross-sells to your customers
· Make future contests more customer-centric
· Improve customer service to create more satisfied (and more repeat) customers
There are almost no limits to the possibilities.
Conclusion
To increase your customer base and revenue, data mining may not be the most exciting activity for a business owner. Often, it is done through rote activities, such as building a database from customer information you get from purchases, but it can also be done using predictive-analysis software, such as Retention Science. In any case, doing so will be beneficial regardless of the kind of business you’re running, irrespective of whether you provide social media marketing services.
