There are many key demographic insights that can be achieved through the use of big data mining. Big data analytics are often utilized through cloud data warehousing solutions, which have the resources needed to analyze and keep tremendously large amounts of data.
Where Your Customers Are
Which markets should you be expanding in? Which areas are most interested in your product? It can be very difficult to determine where future prospective customers are without some form of geographically targeted data collection. Key insights related to geographic targeting can be gleaned from interest shown by customers outside of an existing service range. You can immediately see which areas are more likely to purchase your wares or support your expansion. But more than that you can also identify the major purchasing power in each area -- which areas are likely to spend more money on your items.
Who Your Customers Are
It's not enough to know where your customers are. You also need to know who they are. Major demographic information includes education level achieved, gender, age, and other data that would indicate interests and potential spending habits. But demographic information that is data mined can ultimately become quite complex. Data mining creates links and patterns in seemingly disparate information -- something as detailed as finding out that the majority of your customers own the same type of car, or are about to purchase a new home. This gives you detailed and intimate knowledge of your customer base.
How They Interact With Your Brand
Data insights give you more information than just biographical data. They also tell you how they interact with your brand: when they contact you, how often they contact you, and how many times it takes for them to engage before they make a purchase. Brand interaction is exceptionally important for business owners seeking to expand. It tells them not only whether buyers in a demographic are interested, but how interested they are.
The insights provided through data mining and cloud technology can be used to grow a business and tremendously improve upon revenue. The insights are there, the data merely needs to be explored to reveal them. Any pattern you want can be revealed through these methods; you just need to know which data should be collected.
Mike is the Co-Founder and CEO at Fract. With over 20 years of retail and business location analytics experience behind his belt, Mike counsels business owners and helps them get the most out of their business and sales data. He is also a passionate art lover and enjoys a glass (or two) of good wine with friends and family on the weekends.