The Elusive Holy Grail of Consumer Data Science and Intelligence
In the current context, understanding consumer data science is very important. In today's marketplace, in order to remain competitive, brands, agencies and organizations must have easy, seamless access to complex consumer-based data. Meanwhile, the environment in which we work has been affected by awareness around data collection, responsible usage, and legislation. As people change their emotions and attitudes rapidly, external stresses from the global pandemic, widespread natural disasters and social disruption are also prompting the need for customer insights to pick up.
Consumer Data Science in Market Research
The holy grail of consumer data has long been behavioral data, or sometimes referred to as observational data, in market research. This can involve data from sales or consumption of media. Many have resorted to survey or stated data as the basis of our insights due to difficulties in gathering this data. To collect data, we ask customers to remember things like: How much did you spend on Amazon? What was it that you watched last night on TV, at what time and on what channel? The limitations surrounding claimed data are all too well known by us.
Since we have more control over a survey's discovery of information, and the promise of behavioral data has not come to fruition, we have come to rely on it as a mechanism to acquire audience data. But only a small part of the picture is offered to us by this method. In reality, we have to marry both types of data, survey and behavioral, in order to really begin to understand our customers.
For those in the market research business, this has proven to be an elusive target at best. Hey, but why?
Poor and inconsistent user interfaces have prevented customers from embracing any strategies that allow behavioral data to be collected. Low levels of confidence in businesses and the process of data collection in general are further hampering development.
The sector was unable or unable to adequately pay consumers to make it worth their while. In a recent survey , we found that 78 % of respondents expressed an interest in interacting with passive data collection for acceptable rewards.
Software outlets such as mobile app stores impose limitations on what apps may do to collect this information, partially because of widespread confidence issues and the assumption that collection is not in the user's best interest. Cookies, which have become a key element in the processing of data, are now being phased out.
Legislation creates real ramifications for data collection, and for some companies, data has become a liability, and customers are becoming increasingly weary of data collection activities.
The need for data focused on customers will not go anywhere. As both complexity and data sensitivity increase, demand will continue to go up. Consumer expectations must be placed at the forefront in order for marketers to gain the knowledge they need for decision making. We need to begin to convey the importance of their knowledge, pay them appropriately, and provide them with experiences and business practices that create trust with them, not just technology. This takes time, but the future of market analysis and customer insight is critical.
When these consumer-centric components are put into play as one, the next period of data collection, behavioral and beyond, will be. We can benefit from the exchange of data as a society in general, but only when it is done respectfully and in the best interest of people, not organisations. Perhaps this strategy will encourage info, behavioral and claimed marriage, and we can behold the holy grail of customer insights.