10 Ways Data Mining Can Help You Get a Competitive Edge
Far too many companies that I consult with sit on loads of good customer data …and do nothing with it. It’s truly amazing because in that data is a gold mine of insight . The insight that can: Increase customer loyalty Unlock hidden profitability Reduce client churn Are you sitting on loads of data that you aren’t using? Would you like to learn how you can use it? Here are the ten most common ways, with some practical advice on how to use each. 1. Basket Analysis Sometimes called “affinity analysis,” this looks at the items that a customer bought, which could help brick-and-mortar stores improve their layouts or online companies like Amazon recommend related products. The “basket” refers to what shoppers use when they are shopping. It’s based on the assumption that you can predict future customer behavior by past performance, including purchases and preferences. And it’s not just grocery stores that can use this data. Here are a few ways it can b...