Marketing is nearly as old as humanity itself. When our early ancestors began working together outside of the family construct, those who thrived honed their skills in a unique craft or created new cultural technology. If these latest wrinkles were useful for others–or perhaps if they were attractively packaged–people would trade something of value for them. This, at its most basic level, is marketing 101.
We live in the age of massive data production. If you think about it - pretty much every gadget or service we are using creates a lot of information (for example, Facebook processes around 500+ terabytes of data each day). All this data goes straight back to the product owners, which they can use it to make a better product. This process of gathering data and making sense of it is called Data Mining.
Data mining is an essential process that companies should consider applying as a strategy, especially in getting ahead of competitors in terms of market share and profitability.
Mining data is an efficient technique of identifying and monitoring consumer patterns and behaviour.
Gathering relevant information is crucial in determining changes in the market and the latest trends.
Therefore, data mining can help your business to conduct extensive consumer research and product analysis.
One of the aspects of data mining that makes it attractive for application in your business is its ability to minimise or eliminate errors.
Applying it carefully and meticulously will ensure accurate and fast decisions that will positively influence your business operations.
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