Web Mining for Better Internet Marketing
In the world of today where everything is moving on a really fast pace and businesses are growing worldwide with very large internet marketing potential and new businesses starting out each and every day, one needs to know each and everything about internet marketing and should give a thorough study to the market. This study not only needs to be explanatory but also needs to be equipped with more and more statistical data which may help the person to know the market better in a qualitative as well as quantitative way. For this purpose web data mining is a very important tool.
This tool can help the person out to get the required business intelligence data from a large mining database. This data is derived from the mining database with some association rules which are really helpful in establishing relation between various variable of the market analysis. This is a process of getting the required data from a large mining database requires many techniques which are there in web data mining like basket analysis.
Basket analysis is a method in which we put several transaction in a basket (virtually) to take the mutual relations between all of them. One of the major utilizations of this basket analysis web data mining is to make predictions based on the business intelligence data mined and the associations which are found in the extracted data. These prediction are often used in forecasting the sales, or for predictive modeling which is used in the business model for forecasting their sales and the revenue which will be generated from the stated business model.
Web data mining is a very important tool for gathering business intelligence data. In online business intelligence the technologies, applications and practices for the collection, integration, analysis, and presentation of business intelligence data are used for supported decision making in the business. For online business intelligence data key performance indicators are used which are useful in predicting the current state of business are prescribe a course of action which is going to help the business out in making maximum profits. Thus business intelligence data is very important for keeping a check on the business performance and for taking required and necessary action for the betterment of the business.
Web data mining also helps in predictive analysis as already given a glance on. It is combined method with various methods of data mining and statistics. These are used to analyze current and historical data for making predictions about the future about the sales or the potential growth in the selective market. This kind of analytical data is not always expressed in form of statements beside it is given in form of some values of some fixed variables which are useful to analysts for making the required prediction about the given scenario or for which the process is being carried out.
Mainly there are three models present for predictive analytics. These are first predictive models in which we analyze past performance to assess how likely a customer is to exhibit a specific behavior in the future in order to improve marketing effectiveness. Secondly we have Descriptive models in which we describe relationships in data in a way that is often used to classify customers or prospects into groups and at the last we have Decision models in which we describe the relationship between all the elements of a decision.
The above stated methods are really helpful in making a better marketing strategy, finding out the potential market for stated business to grow and calculating the market risks associated with the business. These methods equip the person or the business with a stated prediction about the business which helps the user in making better internet marketing attempts to carry the business forward to a higher level. Making the desired profits out of the business will requires a better internet marketing strategy which can be provided by Web Data Mining.