Data analytics have become the buzzword of the town for all the right reasons. With development of text-mining and data-mining methods, companies have been better able to make decisions based of their customer's feedback. The ease of online survey coupled with the latest data analytics techniques have helped both general and niche companies to carve out their customer segment. Some companies have even been able to take risks, or capture a chunk of market base, thanks to detailed analysis of their customer reviews.
If you are new to this town, welcome! Data analytics and data mining have been intricately involved with online surveys. One of the biggest advantages of using online surveys is how you can use AI to intelligently pin-point the pains and gains of the customers with respect to your product/services. These seemingly human tasks can be achieved faster by machines. For this reason, companies are increasingly inclining towards online surveys and getting good results out of it.
If you want to give data mining a try, first get a good online survey app. FeedBacQ
is a leading online survey app for an all-purpose online survey. With multi-device support, multi-lingual support and deep analytics, it will take care of all your needs in an affordable price range.
Some of the popular methods of data mining used by organizations are:
Basket or Affinity Analysis
The most common out of all, basket analysis predicts the future behavior of the customer on the basis of past purchases, interaction or preferences. For example, if your customer bought the DSLR camera, it will recommend a lens or a good carry bag based on his purchase. E-commerce, retail stores and other enterprises dealing with buying/selling of products will benefit greatly from this method.
Market segmentation is another popular data-mining technique where the market is segmented based on the customer and the competition. Depending upon your target customer base, market segmentation will help you check the age demographic and gender among other factors. It can also be extrapolated to do sales analysis or competition analysis.
Database marketing is another form of marketing which is similar to basket or affinity analysis. Here, rather than assessing the behavior of your customer or checking his/her saved items, database is checked for his/her past purchases and behavior. This is relatively easy and less resource-intensive as compared to other forms of data-mining techniques.
Another effective method which relies heavily on social media, customer loyalty programmes ensure that your retain your customers well. Techniques such as customer clustering
help companies pin-point the potential customers thereby targeting them with attractive deals and offers. With more than a billion people on social media, the profit is immense for companies.
Here are the data-mining techniques you can use to win more customers. Data-mining can help you not only attract potential customers, but to retain them in the long run. It is an effective tool for all enterprises, regardless of their product/services.
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Tagged benefits of online surveys, customer feedback, customer feedback online, customer loyalty, customer retention, data-mining, data-mining techniques, market segmentation