You’re sitting on top of a gold mine, and ‘data’ is turning out to be the key differentiator for forward-thinking marketers. Nowadays, many marketers leverage data to improve the buyer experience that immediately impacts their company’s bottom line. How can you leverage data and convert it into dollars within this rapidly accelerating landscape? By distilling your data!
According to Gartner, by 2023, more than 50 percent of data and analytics leaders will be responsible for data creation, management, and analysis. With this being said, how do you think leaders can start the process now?
What Is Data Mining?
Put simply, data mining consists of evaluating large blocks of raw data to identify meaningful patterns and trends. Thus far, a significant amount of information has been made available in this area, which includes valuable data mining insights to help propel growth. In general, marketers who understand data mining well can quickly filter relevant information rather than getting lost due to over-analysis.
In addition, there’s substantial value in understanding what data is needed for specific initiatives, and it’s crucial to consider and analyze the results from machine learning, statistics, and database systems. Overall, numerous marketers strive to determine real-time insights for real-time campaigns, which is how they create an effective buyer journey through being at the right place at the right time with the right customer.
Today, data mining plays a prominent role in elevating buyer experience across all stages of the funnel. B2B marketers use data mining for the following reasons:
- Credit risk management
- Database marketing
- Buyer retention improvements
- Strengthen buyer loyalty
- Reduce churn rate
- Discover hidden profit potential
- Data cleansing
- Cluster analysis
- Market segmentation
- Quality leads identification
- Increase CRM efficiency
Elevating Buyer Experience With Data Mining
Buyer experience is the new competitive battleground. Not only do buyers invest in products or services, but also the experience companies provide them with. Therefore, a company’s objective(s) should be to determine what their user wants and deliver it effortlessly in addition to giving single-click gratification to average users.
With data mining, marketers feed relevant information, which as a result, pushes users towards purchase decisions. Now, let’s explore some effective ways of doing this.
- Get a hold of fragmented data: Data mining supports multi-channel integration of user data and the efficient functioning of CRM platforms.
It helps you identify and understand user behaviors, preferences, likes, dislikes, and online interactions across multiple digital platforms. This holistic and 360 degree view of buyers is fundamental in building strategic marketing campaigns.
- Boost personalization with data mining: Web personalization is one of the trending applications of data mining that customizes to buyer-centric needs. The analysis of navigational patterns and usage-based results contributes to building recommendations that align with users’ interests.
- Identify cross-selling opportunities: Data mining accelerates cross-selling by pushing new products to recent buyers based on their purchases. The primary agenda behind cross-selling is to consolidate brand loyalty, expand CLV, and reduce churn rate.
Additionally, market research shows that it’s easier to sell to an existing customer compared to a new customer. Besides revamping conversion rates, brands can employ cross-selling and personalization tactics to show how well they ‘know’ their buyers.
- Proactive prioritizing of resources: When prioritizing resources, it’s important to look at the data that already exists. Through data-driven resource allocation, marketers can avoid resource wastage, sustain a brand’s financial objectives, and benefit from the targeted application of a company’s resources.
“In God we trust-all others trust data.” Overall, data mining is the backbone of qualitative and quantitative research, effective buyer experience, and higher retention. It’s essential for companies to strive to serve the right products to their buyers on a silver platter. Data mining is one’s way to save time when searching for relevant solutions and delivering a personalized and seamless experience.