Data Mining - Dealer Defined

Shawn Ryder
I have been doing a lot of research lately on "data mining" and what it means - our platform can pull data from a DMS and build out engagement based on the data points (vehicle, dates, payments, etc.). But seeing different ways of defining data mining. From the wonderful DrivingSales community - how do you define data mining?
Megan Barto
I assume the terms "Data Mining" & "Equity Mining" are synonymous here.... Here are my steps to effective Data Mining: 1. Look at your service appointments for the day. 2. Use your "Data Mining Tool" to efficiently see who's in a probably equitable position. 3. Invite those customers to take a VIP test-drive. 4. Sell them a new car. 5. Run their trade-in through your shop & have a great CPO vehicle! Agree?
Patrick McIntyre
Thomas Davenport and Jeanne Harris, in their book, Competing on Analytics", describe data mining tools as follows: "Data mining tools draw on techniques ranging from straightforward arithmetic computations to artificial intelligence, statistics, decision trees, neural networks, and Bayesian network theory. Their objective is to identify patterns in complex and ill defined data sets. Your needs maybe better served by OLAP and text mining tools.
Lezlie Brannan
I use a pretty loose definition of data mining. To me it describes the process of searching for a specific group of people in our DMS or CRM, For instance, at any given time I'm searching for customers in equity, customers who purchased x vehicle during a particular date span, service customers who have never purchased, sales customers who have never been in service. Basically, I'm using our systems to search for possible sales for both sales and service.
Randi DeSantis
Data Mining to me was a term used back in the early 2000s to describe reports pulled from our DMS before the reporting tool became a useful feature in CRMs.
Kemick Larson
Even on the sales side of things, don't forget service... Basically, that is all my department does is "Data Mine" and create opportunities for our sales staff... When people start talking about "Data Mining" and "Retention," so much of it is mainly focused on Equity mining... Getting to stare at this everyday through a Program called Xtream, there are pretty much 3 main reasons we end up pulling customers in to "recycle" their current car. 1. Equity 2. Lowering their payment 3. Newer car, no miles and new equipment. Megan pretty much has it, but for some reason I hear Equity Mining and I think of only the previous customers... and the vehicle equity or monthly payment... not really the other third and sometimes its just that simple. They want something newer. Of course outside of the Automotive industry, Mortgage lenders also use data mining tools to reach out to people and offer a refinance/ 2nd on many home owner's mortgages... Depends on which industry we are talking about.

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