Importance of Data Mining for Export Business

Why is data mining important for export businesses?

What is data mining?

A business requires strategic planning to grow. To make a viable plan, it becomes significant to collect data that works for a business. Especially, for the export trade, as selling in a different geographical landscape brings in a lot more challenges. A pool of information is available out there. To extract the information that will be beneficial for your business is crucial. It is where data mining comes in. This process of extracting information that could be useful for your business from a pool of data is known as data mining.

Challenges faced by export businesses

Export sales open the door to a large customer base but at the same time brings a whole lot of challenges along with it. Export Training and Consulting from experts can help in minimising these challenges. It means more growth for a business along with time-saving.

Some of the challenges faced in export trade are:

●?????International trade policies: Different countries have different import/export policies and quality guidelines.

●?????Potential countries: Some products sell better in some countries while some in others. Identifying the correct countries for your product is very important.

●?????Finding Buyers: Once you shortlist focus countries you need to find buyers for your products for consistent growth of your export business.

●?????Consumer behaviour: People in different geographical locations may respond differently to the same product. So, understanding consumer behaviour becomes essential.

●?????Pricing: This is one of the biggest challenges in International Trade Exports. It requires an in-depth understanding of financial aspects such as GST, export tariffs, other taxes, per capita income, etc.

Data mining can help overcome export challenges

Data mining helps find solutions to the export problems without taking a world tour. Following are some of the many export challenges data mining helps overcome.

●?????Potential countries: Which country will best suit your product and bring maximum revenue?

●?????Genuine Buyers : Its very important for any exporter to find genuine buyers and for that data mining on a regular basis is the most important exercise which every exporter do on a regular basis to keep adding the pipeline of buyers.

●?????Feasible export channel: What will be the fastest, safest and most economical route to export the product and in what quantity?

●?????Product placement and pricing: After selecting a potential country, states/regions with potential customers need identification for product placement and pricing.

●?????Marketing strategies and campaigns: A lot of data analysis and study is required while constructing promotional and marketing strategies, especially when the target audience is not of your native land. Export Marketing Consulting could be a dependable option for this.

●?????Feedback analysis: Consumers’ feedback is central to any company. How much business is coming from repeat customers? What is selling and what isn’t! Which marketing strategy/advertisement is working and which isn’t. Frequency of recurring orders, etc.

How is data mining done?

We have now understood the importance of data mining for export sales or trades. Let's look at the steps involved in extracting data that will benefit a business.

It starts with understanding a business objective and its product. The subsequent steps are collecting and feeding raw data to the system and detecting what is valuable for a business. Then a model is designed followed by its execution plan. The last step is deployment. Either you can spend weeks and months on data mining or, you can just take help from the best export consultants in India.

Book a consultation with our export consultation experts at https://winningmantra.in/