Relationships that are formed between customers and businesses have changed significantly in the last decade. It can be said that loyalty is a relic from a time gone by and that consumers are more discerning than ever before. Organisations are required to be wholly proactive when it comes to customer satisfaction in addition to identifying opportunities that they can leverageto sell more. In order to be preemptive, they must understand their customers – more than ever – are turning to mole sophisticated methods of data mining.
What is data mining?
Investopedia defines data mining as, “… the process used by companies to turn raw data into useful information.” Large organisations will leverage software to reveal patterns in batches of data, and SMMEs can monitor these patterns simply by looking at their Google Ads account history or Facebook Advertising data. Mining of audience and stakeholder data has fast become an essential activity in business, and companies that aren’t doing so risk being pushed down the market share ladder. There are ample benefits to mining date, and prioritising it could be the key to marketplace success:
1. Improved website optimisation
By assessing information regarding the people who visit their website, a business is able to tailor their online experience for those audience members. Google Ads, for example, can be used to glean data regarding website visitor age, gender, and broad geographical location – as well as a host of other data sets including time spent and bounce rates. Brainstorming audience target personas will paint a picture of who the company website should appeal to, and actions can be taken to optimise it accordingly.