Market mining is the process of analyzing and modeling marketing data to discover useful information about your prospects and customers hidden in your existing data or in other available data. Its ultimate purpose is to increase sales, customer retention and profitability. Using a mix of data analysis, business intelligence, and data mining techniques, it translates raw data into actionable marketing information.
Advanced data mining and statistical modeling approaches are routinely used to handle the extremely complex non-linear relationships present in pattern recognition, data fusion, and decision-support. Until recently, most of the work in this field had been confined to the military, medicine and aerospace technology. Building on this research, MarketMiner, Inc. has developed the most advanced business data mining technology on the market. Now in its fifth generation, MarketMiner's data mining technology integrates many advanced techniques developed over the past 14 years.
One of MarketMiner's most successful, StatNet, delivers more predictive modeling power to the desktop than any other algorithm, combining the network concept from neural nets with advanced regression techniques to outperform these and other modeling algorithms for a very large class of applications. However, no single algorithm always outperforms others, so MarketMiner offers the best-of-breed modeling technologies to deliver better models than any other tool, automatically selecting the best modeling technique from:
- Statistical Networks (StatNet)
- Logistic and linear regression
- k nearest neighbor
- Decision tree (C4.5)
- Proprietary mining strategies
After selecting the best model, MarketMiner applies it to your data, produces a comprehensive set of insightful reports, and generates a new target marketing list.
Direct marketing is one of the most popular applications of data mining because the results can be readily applied to obtain a high return on investment. For example, a response model can be developed using data from a past direct marketing campaign to predict those most likely to respond to the next campaign. By contacting only those most likely to respond, you can substantially increase the number of responses and your profits.
MarketMiner Analyst® and MarketMiner Expert®
MarketMiner helps identify best customers and better understand their characteristics. MarketMiner solutions have a wizard interface which automate the modeling process to make getting key marketing information easier.
The three wizards available will provide the results necessary to increase the effectiveness of future direct marketing campaigns. The General Analysis Wizard will identify the key characteristics of existing customers and find the best market segments. The Response Analyzer Wizard uses past campaign response lists to pinpoint those customers and/or prospects most likely to respond. The Value Analyzer Wizard can predict how much profit can be made from a given campaign.
MarketMiner can
- Improve response rates 20%-350%
- Identify customers most likely to respond
- Identify the 30% of customers who account for 70% of the profit
- Indicate which customers are being undersold
- Target only the most profitable prospects
- Discover the best market segments
MarketMiner Analyst works with a single database while Expert works with an unlimited number of databases and data sources. MarketMiner makes available to Expert users many of their own proprietary databases as a basis upon which to build better marketing models.
MarketMiner EARN Analysis Service
EARN stands for Evaluation, Analysis, Results and Next Level. This service from MarketMiner:
- EVALUATES your marketing efforts, systems and data to identify the highest near-term payoffs. It uses your business objectives, marketing strategy, key market segments, results of past campaigns, existing and available data and prospect lists.
- ANALYIZES key questions about your customers and prospects that will result in the highest short-term payoff
- RESULTS are higher sales and profitability, improved customer acquisition, retention and a better understanding of your customers and prospects
- NEXT LEVEL includes incremental advancement with low-cost enhancements offering high payoff, clarified priorities based on near-term ROI and better targeted marketing campaigns.
This service is available on a one-time or ongoing basis.
