Data Mining

Data mining is the process of accumulating large amounts of data and then combing through it to identify useful information. It can recognize patterns in the consumer data and can be used to predict future behavior of consumers.

Why does TrackMaven think that Data Mining is important?

Data mining allows marketers to gather more complete profiles on their customers. It can help them create more effective marketing strategies that are personalized based on consumer interests and behavior. Consumers can be separated into groups targeted on a group level based on the information collected. This data collection aids in the creation of custom marketing messages that can be sent to the people in each group because personalizing advertisements can better entice consumers to make a purchase. This practice enables marketers to see trends and patterns that have always existed amongst their customers, but have gone previously unnoticed. Marketers might be able to see one obvious common factor between a group of customers before data mining, then afterwards have a whole new list of similarities to work with. Knowing how to target a particular group of consumers can lead to increased revenues and decreased costs for a business as its marketing strategy becomes more efficient by using data mining.