Data Mining – For the Good for Your Business

Data mining is an incredibly valuable tool for the future of your business. More so than at any other point in history, the success of a business depends on relationship building. And the key to successful relationship building rests in connecting with your customers. How do you connect? Learn all you can about your customers both individually and as a group. Data mining from information you already have on hand can provide you the inside scoop on who your customers are.

Finding the Right Data to Mine

Almost every computerized system in your business has a stash of data ready for the taking.

  • The billing system used for your business can provide a vast amount of data on your customers. Does your typical customer buy from you repeatedly or just once? How many new customers become repeat customers? When do most customers buy from your firm? Where do most of your customers live?
  • A virtual phone system like Halloo, can provide you with very detailed information that you need to know. You can discover how often a caller speaks with a company representative before buying, the rate of calls to sales, how effective individual sales representatives are, and more. Because you can add new phone numbers to such systems, you can track the effectiveness of a marketing campaign by assigning a specific number to it. The contact management aspect of such systems also allows your team to make notes on callers each time they speak with them. These notes provide rich details on individual customers, so you can more successfully build a relationship with them.
  • Website analytics deliver valuable data for any business. You can discover details such as where your customers originate from, how many people visit your sites, which pages of your site hold their interest longest, how long they stay on your site, the query terms they use when searching for your industry, the raw data for conversion rates, and more.
  • Email marketing systems such as Constant Contact give you a glimpse into how customers react to your content. You can see how many subscribers actually open your email, if they click through to your website, download information, etc. By mining the data revealed in such systems, you can learn the best time to send marketing emails, what your audience is interested in, and what spurs them to take action.
  • Social media accounts will also give you powerful data to use for the growth of your business. Just glancing at a Facebook page tells you which types of content get the most engagement from your audience. Tracking likes, comments and repins on Pinterest can also tell you where your audience’s interest lies. Cross-referencing website visits and call volume with new posts will help you see what is effectively working for your business.

Once you’ve mined the data that is waiting for you in so many places, it is time to put the information to work for the good of your business. Let this data dictate where you are heading with your marketing strategies in order to propel your business forward. Such data can provide you with insights that you can use to successfully target new customers and turn one-time purchasers into repeat customers. Create content, sales, social media posts and more geared to reaching the audience that you now know much more intimately.

What data sources are the most helpful to better understanding your business and customers?