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Data Mining
The biggest problem busy executives face is making sense of a large "dump" of data and experiencing the "wood from the trees" problems. At Maven we believe that we are the guardians of your data and that we have a responsibility to sift through the masses of numbers and highlight the salient findings. We have significant experience of utilising statistical tools to uncover key data stories, but more importantly are able to correctly interpret and apply the findings to the business environment.
Modern advances in information technology have resulted in the availability of vast amounts of data on our desktop. This new research environment requires a somewhat new approach to data analysis. A strategy of discovery through the examination of this data is necessary to make use of this huge volume of information. Data Mining is a process of extraction of implicit, previously unknown, and potentially useful information from a large amount of data to discover unsuspected relationships, to categorise it and to summarise the data in an understandable and useful way.
This information can involve issues such as the identification of under performing areas of the business or unmet needs within the customer population. The Data Mining methodology can go one step further and help to suggest possible explanations and solutions to these issues. Correctly implementing solutions to these findings should reap increases in revenue and profitability. The analysis techniques commonly used include Decision Trees, Cluster Analysis, Regression, Principle Components Analysis, Discriminant Analysis and Time Series Analysis. The complex process of handling and assessing the statistical results is time consuming and requires highly skilled statisticians, which sometimes can be very costly to conduct in-house.
Maven Research can help you find the high-profit gems buried in mountains of information and fit your data mining results into the execution of marketing activities that enhance the profitability of customer relationships. We have the expertise and vast experience in handling hundreds of thousands of observations using advanced statistical approaches, and more importantly, in assessing the results mined from the data collected.
Our senior statisticians have profound and long-established experience in data mining. The results will be detailed analysed, yet presented to you in an easy to understand format that is immediately business actionable regardless of how technical or complicated the nature of the methodology used. So why not leave these burdens to Maven so that you can focus on running your business.
Among numerous benefits, data mining can allow you to:
Determine relationships among "internal" factors such as price, product positioning, or staff skills, and "external" factors such as economic indicators, competition, and customer demographics.
Understand the impact on sales, customer satisfaction, and corporate profits.
Improve your understanding of customer behaviours, desires, and needs.
Better target your marketing campaigns to align more closely with the needs, wants, and attitudes of customers and prospects.
Help retain customers and increase campaign response rates, which, in turn, increase buying, cross-selling and return on investment (ROI).
By tracking responses, Data Mining can help measure the profitability and ROI of all ongoing business activities.
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