Social:Customer data
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Customer data or consumer data refers to all personal, behavioural, and demographic data that is collected by marketing companies and departments from their customer base.[1] To some extent, data collection from customers intrudes into customer privacy, the exact limits to the type and amount of data collected need to be regulated.[2][3] The data collected is processed in customer analytics. The data collection is thus aimed at insights into customer behaviour (buying decisions, etc.) and, eventually, profit maximization by consolidation and expansion of the customer base.[4]
Customer data may be collected from Internet users through online surveys,[5] but also through the recording of user activity through measures such as click-through and abandonment rates.
Levels of information
One approach to classifying business customer information starts by distinguishing levels of information into market, organizational, business unit, and individual information.[6] Information may then be further broken down within each level. For example, for private consumers, different levels may include personal identifying data, psychographics data, transactional (buying) data, demographic, and financial data.[7]
While some data overlaps between business and individual customers, other business-specific data serves a similar role to demographics in the individual consumer context.[8]
See also
- Audience measurement
- Customer data management
- Customer data integration
- Customer data platform
- Customer intelligence
- Market research
References
- ↑ Martins, Jo M.; Swanson, David Arthur; Yusuf, Farhat (2012). Consumer demographics and behaviour: markets are people. Dordrecht New York: Springer Verlag. p. v. ISBN 978-9400718555.
- ↑ Kroll, Lee; Feldman, H. Leigh; Schienberg, Alan (May 23, 2019). "It's time to embrace customer data privacy and security". https://www.ibm.com/blogs/insights-on-business/banking/its-time-to-embrace-customer-data-privacy-and-security/.
- ↑ Gupta, Sachin; Schneider, Matthew (June 1, 2018). "Protecting Customers' Privacy Requires More than Anonymizing Their Data". Harvard Business Review. https://hbr.org/2018/06/protecting-customers-privacy-requires-more-than-anonymizing-their-data. Retrieved January 24, 2020.
- ↑ Brown, Brad; Kanagasabai, Kumar; Pant, Prashant; Pinto, Gonçalo Serpa (2017-03-15). "Capturing value from your customer data". https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/capturing-value-from-your-customer-data. "In an increasingly customer-centric world, the ability to capture and use customer insights to shape products, solutions, and the buying experience as a whole is critically important. Research tells us that organizations that leverage customer behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin.1 Customer data must be seen as strategic. ... Information on what customers purchase, how many times they contact customer service, and how long they linger on a given website can create an insightful narrative about buying habits and preferences."
- ↑ Dean, Kevin (2022-09-28). "An Open Letter to Marketers and Data Scientists" (in en-US). https://analytics-iq.com/an-open-letter-to-marketers-and-data-scientists-struggling-to-keep-up-with-customer-behaviors-from-chief-strategy-officer-kevin-dean/.
- ↑ Rollins, Minna J. (Oct 2014). ""Types of customer information collected about business customers"". Customer information usage and its effect on seller company's customer performance in business-to-business markets – an empirical study. https://www.researchgate.net/figure/Types-of-customer-information-collected-about-business-customers_tbl3_265987791.
- ↑ Shandrow, Kim Lachance (February 8, 2015). "10 Questions to Ask When Collecting Customer Data". https://www.entrepreneur.com/article/231513.
- ↑ Chui, Michael; Hazan, Eric; Roberts, Roger; Singla, Alex; Smaje, Kate; Sukharevsky, Alex; Yee, Lareina; Zemmel, Rodney (June 14, 2023). "Economic potential of generative AI". https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier.
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