The Business Market Or Service Determines Their Revenue, Sustainability, And Longevity

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The way a business market or service determines their revenue, sustainability, and longevity. In the past business and entrepreneurs advertised to their customers by going door-to-door or if they were financially stable they would pay for an advertisement on television. Unfortunately, advertising door-to-door would limit coverage and commercials pricing may start at 500. Therefore, a new venture was becoming and reaching more customers called data mining. Now all the managers have to do is figure out the statistic of the population they want to advertise too and market to a specific group of people with their previous purchases. They can use data visualization to analyze customer’s preference and patterns. The benefits of data mining are…show more content…
Predictive analytics is a great way to understand the behavior of customers because the type of analysis analyzes their past to predict what they will purchase in the future. Business can also predict how much of an item customers will purchase. Businesses can reduce the price of popular items and increase customer spending. Cable companies monopolize on predictive analytics when a customer downgrade, cancel, or purchase new service. When customers are getting new service they may be asked how they chose this cable company from television advertisement, radio, internet or friend. When a customer cancels their service they may ask them, why did you cancel your service and what would help you continue your service. The company can use questions from current and previous customers to improve their business and provide quality service. If CEO and managers analyze their customer behavior they can market with improved services from previous complaints which would bring more customers and raise revenue. A successful marketing team will target the right customers with the most appealing information concerning their product or service. Web mining to discover business intelligence from Web customers can compare the products the
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