Data mining can be a cost-effective way for mid-market companies to grow their consumer base.
Since the first advertisement was placed in 1836, advertisers have been making use of a variety of data mining to target audience specific information to make better marketing decisions. Early on data mining was limited to gathering the demographics of consumers within specific limited date groups such as age, gender, race, income, marital status, employment status, nationality and political affiliations.
Thanks to the evolution of mobile phones, set top boxes and the internet, the available data now includes more precise information like social media usage, shopping preferences and even hobby interests. The amount of information of a target audience is vast. To make sense of it corporations hire data scientists or use artificial intelligence software to make decisions about marketing campaigns. While larger corporations have made the most of data mining, can mid-market companies make use of this powerful tool?
The simple answer is yes. Data mining can be done simply and without the expense of hiring scientists or purchasing expensive software. There are several advantages to data mining for mid-market companies.
Successful marketing campaigns aren’t born, they are created through analysis. Therefore, it is important to evaluate relevant marketing campaigns, yours and others, to understand what worked well with potential consumers and which ones fell flat. Examining this information helps marketers create targeted advertising plans that can attract a new group of people. Look within. Your company has probably collected data for years, even if it only appears to be sales data. This data can help you determine geographical, demographic and seasonality points along with many others. Look at it from a different angle than it’s originally intended purpose and you will gleam insight to your future campaigns. Don’t discount your agency either. Agencies are becoming experts at data science because it’s the world they play and work in now. Tap them for additional material and insights.
Today, it’s more difficult to retain a loyal customer base. This is especially true for mid-market companies that may not have the data resources national brands can afford. Using your own internal data mining along with Agency insights will help you determine what goods and services – as well as costs – keep customers and grow your base.
Not all mid-market companies take the time and effort needed to properly data mine. But the competition is stiff and to stay competitive you need an edge which can be found in data mining. With the extra information businesses receive from data mining and the additional marketing efforts they put forward, companies should find an overall improvement in profits. Since advertising strategies should be built for brand reinforcement and new sales leads, organizations can’t afford to overspend on data, but they can’t afford to ignore it either.