1. What is Data Mining?
Data Mining is the process of analyzing data to derive logical conclusions which can be used to improve any process. It’s a study to find patterns from large databases. Data Mining brings innovation to your business. There is a misconception that data mining is only related to big business and not to small business people which is in fact wrong.
If you want to know how consumers react to the market in festival time and non festival times you just need to analyze the previous year's data of your business and you will come to know what is selling and what’s not, what should be done to improve the business.
You can even use this technique of data mining to understand why your competitors are doing well than you.
If you have internet based business, you can use this technique of data mining, which gives an idea, not only which product is selling on what days, but also from which demography. If you have a physical shop then: it gives an idea which items can be sold on full price due to demand and which items to be discounted to attract the customers.
To get the desired results you need to simply analyze market research reports for years to draw a conclusion. Data mining brings you the knowledge, the facts derived can be useful for forecasting and in deriving future trends, effect on sales, how the customers feel and also the loss-profit of the company.
2. How is Data Mining Useful ?
A. To stand out when you have heavy competition between similar kinds of business.
B. One of the most reliable ways before you scrap your old ways of analyzing your business.
C. To generate better ideas for success, thus better player in your business lines.
D. To use the available resources to the maximum, thus reducing costs to your business.
E. To implement money saving ideas this will help your company in the long run.
F. Importantly to attract more customers and satisfy their needs.
3. Make money with Data Mining:
A. Sell data mining software: If you have seen on the internet, many times you might have seen the ads which say that you can be a millionaire by buying their software which tells you when to invest your money in foreign exchange (Forex) to get maximum returns. These kinds of software are purely based on data mining concept.
B. Data mining agency: By using different data mining software’s available in the market you can turn into a data mining professional who can approach smaller and bigger companies to help them in their business. You can charge them on hourly basis. Working with them will be fun and at the same time you earn a great money.
C. Predicting business trends: If you have your own business: online or offline you can use these techniques to predict the ups and downs of your business so that you know when to invest more money and when not to.
For example if you use these techniques in a super market or a consumer stores you will understand the supply and demand, consumer trends: when they are buying the most so that you can be well prepared. If you use this in mobile business you can analyze the highest spenders and give promotions to make them do more calls.
D. investment strategy: With data mining you get a very detailed trends and fluctuations in stock market. You can use this information as an investment strategy so that you can predict the stock market.
E. SEO strategies: You can use the data mining techniques to simple email marketing.
You can observe the trends like click behavior based on the age, income, occupation, gender, location and even time. These all will help you to organize a better email marketing.
If you observe members are active on a particular day you need to drive the complex ones on that day.
4. More uses of data mining:
There are numerous uses of data mining in general and some of the benefits are:
Medicine (Bio-informatics): Useful in life sciences for studying genes, thus prevent diseases.
Sports: Predicting winners and losers and forming strategies to win the game on strong opponents.
Politics: To predict winning trends based on number of donors, activists and the response from public.
Computers: How to prevent spam emails which is a major problem to every company.
Traffic: Analyze peak hour traffic and develop ways to de congest them in advance.
Climate: Predict heavy tornados and typhoons so that you can avert major calamities.
Data mining has unlimited potential which in near future will become a different branch and thus gives much more opportunities for everyone to make money from it.
If you want to know how consumers react to the market in festival time and non festival times you just need to analyze the previous year's data of your business and you will come to know what is selling and what’s not, what should be done to improve the business.
You can even use this technique of data mining to understand why your competitors are doing well than you.
If you have internet based business, you can use this technique of data mining, which gives an idea, not only which product is selling on what days, but also from which demography. If you have a physical shop then: it gives an idea which items can be sold on full price due to demand and which items to be discounted to attract the customers.
To get the desired results you need to simply analyze market research reports for years to draw a conclusion. Data mining brings you the knowledge, the facts derived can be useful for forecasting and in deriving future trends, effect on sales, how the customers feel and also the loss-profit of the company.
2. How is Data Mining Useful ?
A. To stand out when you have heavy competition between similar kinds of business.
B. One of the most reliable ways before you scrap your old ways of analyzing your business.
C. To generate better ideas for success, thus better player in your business lines.
D. To use the available resources to the maximum, thus reducing costs to your business.
E. To implement money saving ideas this will help your company in the long run.
F. Importantly to attract more customers and satisfy their needs.
3. Make money with Data Mining:
A. Sell data mining software: If you have seen on the internet, many times you might have seen the ads which say that you can be a millionaire by buying their software which tells you when to invest your money in foreign exchange (Forex) to get maximum returns. These kinds of software are purely based on data mining concept.
B. Data mining agency: By using different data mining software’s available in the market you can turn into a data mining professional who can approach smaller and bigger companies to help them in their business. You can charge them on hourly basis. Working with them will be fun and at the same time you earn a great money.
C. Predicting business trends: If you have your own business: online or offline you can use these techniques to predict the ups and downs of your business so that you know when to invest more money and when not to.
For example if you use these techniques in a super market or a consumer stores you will understand the supply and demand, consumer trends: when they are buying the most so that you can be well prepared. If you use this in mobile business you can analyze the highest spenders and give promotions to make them do more calls.
D. investment strategy: With data mining you get a very detailed trends and fluctuations in stock market. You can use this information as an investment strategy so that you can predict the stock market.
E. SEO strategies: You can use the data mining techniques to simple email marketing.
You can observe the trends like click behavior based on the age, income, occupation, gender, location and even time. These all will help you to organize a better email marketing.
If you observe members are active on a particular day you need to drive the complex ones on that day.
4. More uses of data mining:
There are numerous uses of data mining in general and some of the benefits are:
Medicine (Bio-informatics): Useful in life sciences for studying genes, thus prevent diseases.
Sports: Predicting winners and losers and forming strategies to win the game on strong opponents.
Politics: To predict winning trends based on number of donors, activists and the response from public.
Computers: How to prevent spam emails which is a major problem to every company.
Traffic: Analyze peak hour traffic and develop ways to de congest them in advance.
Climate: Predict heavy tornados and typhoons so that you can avert major calamities.
Data mining has unlimited potential which in near future will become a different branch and thus gives much more opportunities for everyone to make money from it.
