Data mining and Responsive Branding can be among the greatest practices when it comes to making your business social.
We have discussed Responsive Branding and how it can add value to your business in the past. Essentially, Responsive Branding is the idea of modifying your branding strategy by leveraging the data you collect on tastes and preferences of your social audience.
So how do you get that data? Data mining.
What is data mining?
Princeton defines ‘data mining’ as, “Data processing using sophisticated data search capabilities and statistical algorithms to discover patterns and correlations in large preexisting databases; a way to discover new meaning in data.” It’s the second part of that definition that matters.
The social world is filled with data. You’ve probably heard the term ‘big data’. It’s the buzz word of that day and for good reason: it can do so much. But what exactly is ‘big data’?
‘Big data’ are large data sets derived from a number of new media – sometimes too large to analyze using conventional methods of analysis. The data that can be sourced from social media is virtually endless. Mining this data from these sources (Aha!) and determining correlations can be extremely beneficial when it comes to Responsive Branding.
Data Mining and Responsive Branding
So how can these two work in tandem?
Once you have mined your data, analyzed it and uncovered commonalities, correlations and other factors that you might find important, you can use those data to modify your marketing and business strategies. Why would you do this? These data tell truths about your audience that they haven’t told you themselves. You can leverage these truths in order to cater to their preferences and increase business.
There exist a number of untapped markets that would be perfect to market your product or service to. The only issue is that your business strategy never considered that market a viable target.
When mining data, you can find new opportunities that will help you achieve the goals and objectives you have set for yourself and your business.
Have you ever mined data and made modifications to your business strategy based on your findings? Tell us how it worked out for you in the comments below or on Twitter!