Mine that Event Data for Your Business Success

If your business is trying to get a better well-rounded picture of its customers, then event data mining could be the solution.

With the right event and effective data collection tools, your business can turn event visitors into paying customers.

With event efficiency in mind, here are just a few ways to take advantage of event data-mining:

Target the Right Attendees

To get the most accurate event data, you'll want to invite attendees to your event who are most likely to do business with you in the future.

This boils down to an effective marketing plan that targets both active customers and one-time/potential customers alike.

The data that active return customers contribute will help your business reaffirm what's working in terms of outreach and sales strategies.

However, inactive customers, such as one-time buyers and marketing campaign opt-ins are equally beneficial because they give your business key insights into the conversion process.

In order to get the most comprehensive event data mining results, it's important to invite a diverse set of attendees. Too many active or inactive customers will produce biased results.

Have a Sampling Strategy in Place

Once you have the right attendees signed up for your event, you then need to effectively sample the population. That's where your sampling strategy comes into play.

As the following article looks at, next to the 4 steps for A+ event data-mining is sampling your event population in order to collect the most accurate data.

Fortunately there are a number of sampling strategies available depending on the type of event you're having. If it's an online sales event, then you can feature comment cards during the checkout process.

If it's a physical event, such as an in-store promotion, then you can either sample attendees as they enter your store or anytime during their attendance with tablet or touch screen questionnaires.

Likewise, you can also sample paying customers at storefront cash registers or as they exit.

Use the Right Algorithm

It doesn't matter how much data you collect during an event if you aren't going to use the proper algorithm to mine that data. When it comes to event data mining, there are regression algorithms, association algorithms, and ever-popular classification algorithms.

Choosing and using the right algorithm could mean the difference between an effective data-mining event and one that will leave you spinning in circles.

Whether you use a mathematical model to help forecast sales or a decision tree based on data sets, take time to find the best algorithm for your business's needs.

Deploy and Monitor

Once you've collected, mined, and processed all of your event data using the proper algorithm, you need to deploy your new customer outreach strategy.

This means knowing in advance what deployment path your business wants to take. Will you focus your outreach strategy in-store, online, or both?

During the initial deployment, make sure you monitor your outreach strategy closely.

Event data-mining is extremely beneficial, but it's by no means guaranteed to produce results. Perfection comes with monitoring and testing.

If you want to get the most out of your next business event, consider the data-mining pointers above.