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Data Mining & Decision Support Systems: The Secrets to Crafting a Powerful Marketing Strategy

DATA MINING & DECISION SUPPORT SYSTEMS The Secrets to Crafting A Powerful Marketing Strategy Process of pattern and relationship discovery within large sets of data - usually granular opportunities that can only be detected through statistical techniques and advanced analytics Data Mining (MICRO) Marketing Research (MACRO) Marketing Data, systems, tools and techniques with supporting software and hardware by which an Decision Support organization gathers relevant information Systems(DSS) and turns it into a basis for marketing action Consists of: DATA MANAGEMENT MODEL MANAGEMENT KNOWLEDGE ENGINE USER INTERFACE Insight Gained Through Marketing Research Drives Data Mining Results from Data Mining Drive Marketing Decision Support Systems Marketing Decision Support Systems Drive Effective Mark ing tegies Out Out with the Old, In with the New VS. Data Mining and Traditional Traditional Market Research Support Systems (existing data) (new data) 3 out of 4 researchers believe "mining of existing knowledge" ( WW research, versus new research will be the main kind of market 1 out of 5 Tresearch 56% In a recent survey, believe Google or facebook will be the leading company for mining existing research of respondents indicated use of text analytics & sentiment analysis for answering business and organizational questions Predictive analytics (data mining) is anticipated to become a game-changer in social media marketing Google and Facebook are anticipated to be the leading data research companies of the future facebook Google Choice modeling Memory-based reasoning /Case-based reasoning Rule induction TRADITIONAL MARKET RESEARCH Regression analysis Clustering/Ensembles Network/Link Analysis Neural networks Decision trees Uplift modeling FOCUS GROUPS Take Your Efforts to the Next Level with Data Mining and DSS Identify and project the outcome of business scenarios Learn consumer preferences Understanding buying habits Uncover patterns and correlations 1st Gain a competitive advantage Effectively target audiences on a personal level Save Money What Marketers Need to Remember When It Comes to Big Data and Data Mining Big data = data mining The priniciples of marketing have not changed because of big data The process of big data is unimportant - just focus on the business outcomes Social media has changed marketing practices - use social data to your advantage Big data allows you to be more creative in your role Use data mining to quantify your activity and results Use data mining to more effectively market to target segments If data mining takes too long to implement or is too costly, it's not worth pursuing Data Mining Tools for Marketers FREE Open-source statistical analysis software FREE Google Chart API Web-based tool for creating charts and graphs From $500/ month Datameer Analytics Solution Tool to analyze very large data sets From $8,100 a year for one SAS Analytics user Tools for data mining and statistical analysis DATA MINING bl&ots=PFoVDbr2VA&sig=Dj-my_y01exJnpd-LgB8ZvRrnpA&hl=en&sa=X&ei=-U22Ua2rBsPmygGh3IDQDQ&ved=D0CE8Q6AEWAW MARKETING DECISION SUPPORT SYSTEMS NEW DATA VS EXISTING DATA DATA MINING & DSS BIG DATA & DATA MINING DATA MINING TOOLS NJIT New Jersey Institute of Technology THE EDGE IN KNOWLEDGE y and analysis of information for understanding a market at the r ---- SURVEYS SALES DATA REFERENCES

Data Mining & Decision Support Systems: The Secrets to Crafting a Powerful Marketing Strategy

shared by andrewdeen on Feb 13
In the Internet age, it is possible to amass huge quantities of information and then pull conclusions from the process. Data mining is the process of sifting through independent points of information,...




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