Data that businesses collect about customers or sales leads and their transactions is one of the greatest assets of that organisation. Leading e-commerce companies such as Groupon and eBay are all about using data to make informed business decisions. Data mining is a large part of that.
What is Data Mining?
Data mining, put simply, is the process of analyzing data and summarizing it into information that can be used. It is often used by companies to increase sales, cut costs or both.
The data may be competitor’s data, data regarding pricing, customer behaviour, web analytics and more.
What is Data Analytics?
Data Analytics is the analysis of data through specialised software systems. These systems organise, transform and model the data to identify patterns and draw conclusions. Data analytics is performed by professionals, and can be carried out on both small and large amounts of data.
Social Media and Data Mining
Everything we do on social media can be monitored. Have you noticed the amount of Facebook ads that are now appearing? These ads can be completely tailored to individual’s interests. They are sometimes also quite annoying.
Data mining works well when consumer trust is prevalent. People are willing to share information on social media and in surveys and more when there is something in it for them.
IBM Watson is a great tool for data mining, social media data, and customer reviews. To try this tool firstly download data from Facebook insight as a CSV or excel sheet and upload it into IBM Watson Analytics. Once it has been uploaded click on the predict tab and select the fields that you want to analyse.
CRM Data Analytics
Customer Relationship Management software is widely used in business to enhance customer relationships and also to produce more sales and revenue. Marketing can be targeted to the specific customer needs. Data mining in CRMs allows you to create personalised emails and communications with the customer, and also select relevant discounts that could produce sales.
Database marketing is a method of online marketing which is used to decide on email marketing messages as well as SEO strategies. Competitions, sales data, survey information, CRM data, and email promotion data can all be used for data analytics and mining.
Data mining in e-commerce is a valuable source of referrals, leads, and consumer information. The amount of quality information that can be captured using data mining in e-commerce is huge.
Contact us today to discuss your next data mining project.