MiningMart for improving Customer Relationship Management
Good customer relationships are at the heart of business success
Customer Relationship Management is a strategy used to learn more about customers' needs and behaviors in order to develop stronger relationships with them. After all, good customer relationships are at the heart of business success. CRM to be effective requires using information about customers and prospects in all stages of their relationship with a company. From the company's point of view, the stages are acquiring customers, increasing the value of customers and retaining good customers. According to this customer life cycle, the following goals in analytical CRM can be identified:
Among the advanced technologies most commonly used for effective CRM is data mining (DM), which allows to sift through large amounts of data to uncover previously unknown customer relationship properties. DM enables analysts to model virtually any customer activity and to find previously hidden patterns relevant to current business problems, or business evolution and growth. DM can segment and profile customers to better understand their needs, behavior and profitability.
But data mining is a difficult process which requires many iterations and adaptions in the data and in the parameter settings until a satisfactory result is achieved. Thus, analyzing CRM data successfully requires a lot of expertise in different areas, in data base technology for data extraction and data transformation to prepare and preprocess the data, and in data mining and statistics for model building and evaluation. This is where MiningMart supports you by providing: