Data Mining For Professional Service-converted

1. Data Mining For Professional Service Companies No one needs to notify you about the value of information in today's world--particularly the value of information that could help develop your practice. But has it happened to you that you probably have more information in your head and your existing files that you understand? Tap into this gold mine of data to build up a powerful and effective acquisition marketing preparation that will entice clients in the door and push your prosperity up. The method to do this is with data mining for acquisition marketing, which is the procedure of using your existing client data and demographics to highlight trends, make predictions and plan strategies. In other words, do what other kinds of businesses have been doing for years: examine your clients by industry and size of business, the type and volume of services used, the amount billed, how rapidly they pay and how gainful their business is to you. With this information, you'll be able to spot trends and put together a powerful marketing plan. To data mine efficiently, your marketing department needs access to client demographics and economic information. You may recognize a specific service being utilized to a greater than average degree by a particular industry group, revealing a market section worth pursuing. You must also look at client incomes and profitability by the age of the clients. If your percentage of new clients is high, it could mean you're not retaining an adequate number of existing clients. If you see too few new clients, you may be in for tribulations when natural client attrition is not balanced by new client acquisition. The initial step in effective data mining is to get everybody in the firm using the same information system. This allows everybody in the office who needs the names and addresses of the firm's clients and contacts to have access to that data. Need everybody to record notes on conversations and meetings in the system. Certainly, the system should also accommodate information that users don't want to share, such as client's private numbers or the user's personal contacts. This way, everybody can use the system for the whole thing, which makes them more likely to utilize it totally.