Consumer data is a kind of commodity in our era. Data is powerful and can create wonders. This data has become valuable for every business and the right way of using it can lead to ultimate success of any organization.
Who consumes this data?
Consumer data is the information about any customer or potential consumer. It is the basic information, like name, age, location and occupation of a person. The business need to get customer data is variable for different business requirements. The simplest example is to get this data directly from the customers in supermarket by claiming about a prize win in a lucky draw or discount coupons.
Sometimes, supermarkets get this data from you to sell it to the prospective companies selling some products/services. These markets can keep tabs on your daily purchases to know about your regular requirements in detail. They can send personal promotions and buying trends to the companies making market research with REAL consumer data.
There are multiple sources of consumer data. In the competitive market, there are endless means of communication and it has become mandatory for every business to own customer data and use it in the most appropriate way to get the best business.
The real example is Insurance sector. Insurance companies carry out surveys and customer satisfaction forms to know about their feedback. The company’s R&D department keeps a track of the companies and their associated behavior patterns.
Some companies have listing of people in debt and look forward to the appropriate debt management plans. There are many data options available for them to look for and the data is bought by the lead generation companies dealing with personal claim sections. It is the way of growing their businesses by keeping in mind about the real facts and details about customers.
Customer data is basically Business to Business commodity, which purchases customer data from a source to build positive market potential and use information to profit another business level. Big companies and multinational brands expand their business by the collection of usage of the appropriate customer data.