Unlocking the potential of your database
Data mining helps an organization discover customer patterns, trends and relationships. It also helps predict future behavior so you can make the right adjustments in your strategy to make the most of your marketing dollars.
For example, if you have 5,000 records of detailed customer information, knowing that 500 of them live in a certain location is not enough. You want to know whether these 500 people are a particular age group and their average earnings so that you can target their specific needs.
Data mining helps you predict:
• Profits – You can see customer behaviors and needs by segment and learn how to better target your product/service offers.
• Up-selling – Analyze what your customers are likely to buy and see which product/service to recommend to specific customers.
• Acquisition and retention – Analyze customer preferences, purchase patterns, and how to grow and maintain valuable customers.
• Campaign management – Measures the success of customer communications and shows you how to direct the right offer to the right person at the right time.
• Lifetime value– Figure out which customers to invest in and how to best appeal to them.
Data mining looks for hidden patterns in your data that can be used to predict future behavior. Businesses, scientists and governments have used this approach for years to transform data into proactive insights. The same approach applies to business issues across virtually any industry.
Analyzing patterns in your data is essential for improving performance and creating competitive advantage because of its ability to make accurate predictions from many different data points.
Excalibur specializes in data mining and management to help your organization save money and run more efficiently.