In order to understand your customers and business better, data is essential. Regardless of how big or small the company is, it is important to gather data to assist you with your plans and moving forward strategies. So let’s talk about the types of data you should gather as a business.
In general, the data that you collect as a business relates to customer data, but customer data can be broken down into four categories:
- Personal Data: This category includes anything about your personal information (e.g., your age, birthday, address, etc.). Some non-personally identifiable information like your IP address, website cookies, and device ID also falls under this category.
- Engagement Data: Data on customer engagement reveals how they interact with your brand across multiple touchpoints. For example, how likely are your consumers to like and share your posts on their social media.
- Behavioural Data: People tend to mess up engagement data and behavioral data because both of them seem similar. To tell them apart, behavioral data focuses more on the customer’s direct interaction with your service or product. Direct interaction refers to things like abandoned shopping carts, purchase history, and membership renewals.
- Attitudinal Data: This data includes customer reviews, customer satisfaction, the attractiveness of the product, and more.
So what happens next?
What can be done with the data we have gathered, here are a few suggestions!
- To enhance a company’s marketing. Once a company knows the behavior of their users, they can refine and come up with a better marketing strategy that is more relevant to their audience group.
- To improve customers’ experience. Customer data provides a better way for many companies to understand and meet their customer’s demands. By analysing customer behavior data, companies may improve their customer’s journey, purchasing and buying process of their consumers.
- To increase a company’s sales. The ultimate goal of every single company is to improve its sales and profit. With data that you have gathered, a company can use it to better their sales and acquisition strategy. With attitudinal data, a company can use that to increase its credibility as an acquisition strategy.
In conclusion, data is compelling when it comes to business. A good set of data can bring your business up to the next level.