It is becoming unbeatable that data is the primary driving force in our world today, small businesses and large corporations alike utilize data in one way or another to grow their business. The constant demand for data eventually led to several businesses finding different ways to capture consumer behavior and information before quantifying and qualifying them in consumer data lists.
These lists are often generated as databases that would help businesses identify not only potential customers but customers who are most likely to buy.
Benefits of Consumer Data Lists?
Many businesses have their reasons for utilizing consumer data lists, and there are several ways that these businesses make use of this data:
Improved Marketing Strategy
Using consumer lists to improve a businesses’ marketing strategy is one of its most common uses. This is because the data can be used to understand how consumers are currently engaging with any current marketing strategies. If this data is used effectively, companies would be able to predict what marketing strategies their consumers are more likely to react to.
In addition to this, consumer lists also give companies an efficient method of comparing different marketing strategies by analyzing the data.
Enhance Customer Experience
Consumer lists make it far easier for businesses to understand what the true demands of their customers are. By analyzing the data that they receive from consumer lists, reviews, and other methods of feedback such as business surveys, they can be sure of what changes to make to meet those demands.
How to Buy Consumer Data Lists?
Generally, if a business is interested in purchasing data then it is likely that they would have to contact data providers who deal in Business to Customer (B2C) data. These providers have compiled their data from a range of law-compliant sources and continuously enhance their datasets to ensure that they are at the highest level of detail and compliance. They also provide marketing data to aid customer acquisition through telephone and email marketing.
If you are interested in purchasing data from an external provider, you must select a good one. Your data provider should be viewed as a long-term partner who will play a crucial role in the growth of your business.
Here are some of the most popular Consumer List Providers in the United States:
- IRI
- DataSift
- Intelius
Different providers often satisfy different needs and, as such, deliver different types of data. So, you must conduct proper research about what data you might need before choosing a data provider.
What Type of Data Can be Found in Consumer Data Lists?
The different pieces of information available on a consumer data list are often referred to as variables. These variables can be filtered to narrow down your client base. Examples of variables available on data lists are:
- Occupation
- Marital Status
- Children
- Hobbies and Interests
- Pets
- Employment Status
- Geographic Location, etc.
Creating Your Consumer Lists?
Data list providers collect their information through a myriad of methods. While some traditional methods such as lifestyle surveys are still being employed by some companies, the need for more accurate and reliable data has led to providers using more technical methods of data collection.
There are various reasons why businesses choose not to purchase data from a data list provider. Some businesses may not require large and elaborate datasets to fulfill their requirements as they may be working in a very niche space, making the dataset unnecessary. However, many consumer data list providers have tried to create bespoke plans for their clients, ensuring that they can provide datasets that satisfy all their requirements.
Yet, it may be that your business still may not want to purchase from one of these providers and would rather curate its own. If this is the case, then you would have to think about the way you want to collect your data. There are three main ways that data providers create their data lists:
- Asking Customers: This could be through surveys or questionnaires. This is a good way to build a data list if you have a small and dedicated customer base.
- Consensual Tracking: The internet has made it possible for websites to store certain information about their visitors, but only if they consent to this. If you have an online business, it is possible to let your customers give their consent to data collection while they use the website.
- Using Multiple Sources: This is becoming an increasingly popular method of curating data lists. Using this method, it is possible to create a new list from other lists. It may be that the data list from the providers does not fully fit your requirements, but this does not make it completely useless. Through this method, you can combine different data lists to create a larger list. This will help give your business a better picture of its customers.
The idea of data lists is often a polarizing topic, as many believe that some providers may not be gaining this information through ethical means. If you are curating a data list yourself, then you must follow the necessary privacy regulations.
References
How and Why Businesses Collect Your Personal Data – businessnewsdaily.com
