Marketing Research Data mining -- finding gems of insight from sophisticated or basic analysis of your internal customer and sales and margin trend data -- is a key part in Brand Development & Naming assignments, as well as New Product Development. Combine data mining with online surveys, phone surveys, and focus group research to create an winning marketing plan and competitive advantage business strategy. Simply put, a marketing analysis data mining effort searches for meaning and insight among the stacks of sales data and marketing data already within a sales and marketing organization. Thus, data mining is the search and the use of techniques that squeeze out meaning. Such tools include advanced statistical tests and modeling, and the use of neural networks. Through these tools we can better target your best customers, find which advertising and promotion methods are most efficient and effective.
For decision-makers involved in creating a marketing strategy that has competitive advantage, its not the techniques that are important, rather that it should be done, especially when reviewing or plotting new business strategy. One of the first steps, for example, in opportunity scanning is data mining. It should be done for example before or concurrently with a major external market research study to scan for market opportunities.
Data mining can uncover emerging usage patterns within a newly defined market segment; high margin customers with increasing buying velocity; or an undetected trend in customer account losses. Data mining is often used to gauge the customer lifetime value in direct marketing efforts.