Everyone knows that properly targeting consumers and reaching them when they are ready to buy is paramount to success in today’s digital age. The question is how to be the best at it and outpace the competition.
The answer is Data. The right data, at the right time.
Consumers have many needs and unfortunately the buyer’s preferences and attitude isn’t general knowledge, and connecting product to customer can be difficult. These days, great companies grow from knowledge, and knowledge grows from an in-depth understanding of using all available data in an intelligent manner. Information, more than ever, drives business practices.
Consumer data, in a nutshell, is information about the buyer’s purchasing habits. It’s about the buyer’s lifestyle. As commerce grows, this information becomes increasingly important. Generating leads, assisting customers and creating great relationships aren’t benefits anymore. They’re the new minimum requirements.
The Breakdown: Types of Consumer Data
Shopping history, current searches, social media interaction, car ownership, mortgage data, travel preferences, etc. The reality is that nearly every needed piece of data to understand the consumer is available today, the question is, “Why are you not using it”?
The consumer’s preferences need to be analyzed and understood and only then can they be properly targeted. True consumer learning comes from connecting needed products and services with the right customer at the right time. Data is only data when it’s not applied, and deep learning reveals some of the world’s most important buying patterns.
Determining the Consumer’s Needs
Many kinds of data are incredibly valuable to understanding consumers—as they’re used to determine new wants, needs and even trends. But, context is important to. Contextual data helps companies understand the buyer’s surrounding environment. For example: A consumer known to purchase few winter clothes in the north is already an established “Northerner”. If they’re traveling south, they’ll likely need sunscreen. Big data builds a relationship between consumer and company, one based upon in-depth buyer knowledge.
The key though is that a consumer’s needs, wants and expectations should come first, and nothing should be spared to ensure an in-depth understanding of your customers and potential customer’s preferences. The modern buying world is always growing too, so new opportunities to please the consumer are just around the corner.
These key data points can even be enhanced with locational data to help consumers reach their favorite brands nearby and for companies to understand which of their potential customers are near there storefront.
Third-Party Data, Why It is Better
In the past companies felt compelled to only utilize their own data or what is known as first-party data to understand their customers.
Unfortunately even for the largest organizations use of only first-party data only enables a dim view into customer’s desires and cannot provide a holistic view of a customer’s preferences and needs all across the internet.
Today though, the amount of quality third-party data has boomed and the quality, if you know where to go, has never been greater. Through the use of a quality third-party data provider, companies can learn everything and anything they want to know about their customers in real-time.
Your Provider and You: The Digital World
So, what does it all mean? While everyday consumers access brick-and-mortar retail outlets, online buyers empower companies through internet stores, social networks and research articles. Everywhere, the buying world becomes smarter—helping consumers make the selections they need for lifestyles they want.
Digital providers though enhance the buyer’s options, and they’re sculpting a future focused on convenience and quality. Your data provider should be capable of comparing entire data sets to get “the big picture”, expanding on old ideas with new angles. Third party data is here, and it’s capable of providing the expansive view many markets need. As the world grows, industry leaders are setting sail with great digital solutions, crafting timely, relevant solutions.