: : What is a data warehouse?
: : What is data mining?
: : How do clients benefit from this service?
: : Why use Richmond for this service?
WHAT IS DATABASE MARKETING?
We live in a world experiencing an information explosion, and the amount and complexity of data are expanding rapidly. Your company can "sit on the mountain" of data it possesses - or use it for marketing and sales.
Database marketing is a system that continually gathers, stores and analyzes operational and customer data. When done properly, database marketing allows your company to:
- Gather data purposefully
- Store data logically
- Analyze data intentionally
WHAT IS DATA WAREHOUSE?
Chances are, your company already has acres of information, gathered from Web sites and other sources - and that data is increasing exponentially. What are you doing with it?
A data warehouse integrates the bulk of your existing customer-data repositories into a subject-oriented, non-volatile, time sensitive collection that supports management decisions.
Employing a variety of technologies and systems, powerful data warehouses allow management to convert large volumes of data into useful information.
back to the top
WHAT IS DATA MINING?
When you look at raw data about your customers, it may seem complicated and confusing. Many factors are influencing why your customers buy, including demographics, psychographics and environment, as well as price, national mood, and your competition.
Here's the good news: You can mine that seemingly impenetrable mountain of data with automated techniques that "extract the gold" - the patterns that allow you to make reality-based marketing predictions and decisions.
Data mining uses well-established tools to build models that reveal previously unseen, useful relationships between what your customers do, and what they are likely to buy.
These models can extract information in discrete segments, for specific purposes such as:
- Targeted response model - Attracts new customers
- Activation model - turns inactive accounts active
- Up-sell model - Makes unprofitable customers profitable
- Retention model - Retains profitable customers
- Risk model - Avoids risky customers
- Collection model - Reduces loan losses and collection costs
back to the top
HOW DO CLIENTS BENEFIT FROM THIS SERVICE?
Stop guessing. Become fluid to serve shifting and various customer preferences. Get to market much faster. Deliver the highest levels of service. Say the right thing. Spend your marketing dollars where they work hardest.
The benefits of database marketing are simply enormous. Clients who employ Richmond for this service report that they manage customer interactions with a great deal more efficiency and success. Also, they are able to control risks and fraud losses, and reduce operational costs.
back to the topWHY USE RICHMOND FOR THIS SERVICE?
Richmond quickly assembles the right team for your Database Marketing project - experts with experience in banking, insurance, information technology industries and the Internet.
The people we call "experts" really are. Our people understand data mining technologies and concepts such as SAS, SPSS, SQL, segmentation, statistical regressions, neural networks analysis, decision trees, cluster analysis - and more.
Don't know these terms? You don't need to - Richmond understands the way your business works, and we will translate technical terms into useful business language.
back to the top
Click to see how you can apply Analytical Tools to 