Several business owners use LinkedIn to reach out to potential customers, partners, and clients. So whether you want to create a list of potential customers or need candidate data for recruitment purposes, LinkedIn is the platform that can be very useful for your company’s requirements. This is why there is an increasing demand for LinkedIn data mining, as companies have recognized the need to gather LinkedIn data, process it, and analyze it for business growth. However, with the complexities involved with LinkedIn data scraping, it is ideal for experts to perform the task of mining data. You can either set up a team in-house or seek professional help by outsourcing LinkedIn data mining services.
However, before you make your decision, you should know the critical factors that must be considered when mining LinkedIn data. So here is a quick guide for you, so continue reading.
Importance of LinkedIn Data Mining
LinkedIn data mining, when performed accurately, can ensure that your business is gathering and analyzing trustworthy data. Through LinkedIn data scraping, businesses can map the interest of their potential customers as well as get the data of their networks. With the help of data gathered through this platform, businesses get to know the market trends that can be used to formulate marketing strategies that can work in today’s era.
Furthermore, LinkedIn data scraping enables a business to generate value from information that might not otherwise be readily available.
Here are a few other advantages of mining this platform and analyzing the data thus received.
- Your marketing costs will go down as you will be focusing on targeted prospects only.
- You can reduce recruitment churn by targeting very niche resources that you need.
- Customer or client profiling becomes easier because LinkedIn has a lot of useful information on professionals.
- Scraping data from LinkedIn groups will help you gather insights on what your target market is thinking about.
- Mining group data can also help establish a better market understanding of your brand in professional circles.
- It helps in B2B contact profiling and customer persona creation.
Factors to Consider When Mining Data from LinkedIn
While we have already discussed the significance of LinkedIn as a data source it is also important to understand how the process of scraping this platform works. Otherwise, you will not be able to utilize it to its full potential.
We discuss the four critical factors that one must consider when mining data from LinkedIn.
1. Ensure Data Completeness
The first factor or step to consider when mining data on LinkedIn is to ensure that the data is complete and there is no missing information in the data set. It should cover all the necessary data that can be useful for the business. This is one of the most important factors, as a business cannot use an incomplete data set. Incomplete data sets can lead to misleading conclusions and costly mistakes for the business that might be difficult to rectify. Hence, in the process of LinkedIn data mining, ensuring that data is complete is a very important factor that experts must ensure.
2. Set Clear Business Goals
Big data mining from LinkedIn can only be successful if it has some clear, measurable objectives. For example, identifying the least popular product or service and determining what can be done to change the situation. Is it the sales funnel, the incorrect design, USP, or an inadequate message that fails to reach the target audience? You should also ensure that your goal is attainable, as setting unattainable goals will only lead to failure. Setting a clear business goal is crucial for the effectiveness of the analysis, regardless of how it is carried out or how the goal is approached.
3. Perform Accurate Data Analysis
After the data from LinkedIn is mined, it’s time for the business to analyze it differently. First, you need to see what strategies are working for them and which aren’t; secondly, you also need to see the interest of your potential customer so that you can change your marketing strategy accordingly. Finally, analyze the data as per your business needs identified in the second step so that you can prepare your business strategies accordingly.
The sole requirement is that the company acts on the analysis’ findings, failing which the entire process is a waste of time. If such a step cannot be done, it appears that the goals were not set appropriately from the beginning or that a mistake was committed during one of the earlier phases of LinkedIn data scraping. Businesses should either have extensive experience with big data mining or engage experts from data mining companies in order to minimize this risk.
4. Pay Attention to Data Mining Success Indicators
You should establish KPIs (Key Performance Indicators) or set up a QA (quality auditors) team. Once done, assess whether the application of the choices you made in light of the findings of the big data mining analysis assisted you in achieving the objectives you had set for your organization. Consider answering the following questions:
- A. Has a successful campaign resulted in increased sales?
- B. Did hiring a more dependable shipping business result in lower logistics costs?
- C. Did the results of your marketing effort outperform those of the prior ones?
Utilizing consumer and employee feedback can help you assess your data mining strategy’s effectiveness.
Applications of Data Mined from LinkedIn
It is important to note that the data you have collected from LinkedIn can be used in multiple ways, depending on its nature. So, you need to first segregate that data into useful piles before setting analysis methods for them.
Here are a few use cases for the data mined from LinkedIn.
1. Mood analysis
With the help of data received from LinkedIn, you can check your brand’s popularity. In addition, you can check whether there is more negative feedback regarding your business or positive feedback, and accordingly, you can make your customer service strategies to identify the problem faced by your customers and decide how to resolve them.
2. Trend analysis
Your business needs to know the current market trend. You can find this out by observing what your competitors are doing to lure customers. Then, you can adopt any of these market strategies per your business requirement and see which ones work for you.
3. Prognostic analytics
With the help of LinkedIn data, you can forecast different market trends and strategies. In addition, you will be able to forecast which strategies are likely to work and which might fail in the future. This type of analysis will help you save costs and grow your business.
Now that you have understood the definition of data mining alongside the four critical factors you need to consider while extracting LinkedIn data, you also need to ensure that the process of mining data is performed by an expert to avoid the challenges associated with this task. Unless you have a huge budget, enough infrastructure, and other resources readily available to set up an in-house team, outsourcing data mining for your business will be the right option. It will be wise to know that the majority of your competitors are already outsourcing their data scraping work and benefiting from it. Hence, make your choice wisely while keeping the factors discussed under consideration.