Collecting customer data has been the norm for companies globally and a regular practice no matter the industry. But, with the technological boom and digitalization, there have been new opportunities to collect and monetize customer data more efficiently.
The truth is, without a strategy on how to perform a guided data collection, assessment, and management, you won’t be able to make any results. Below, we’ll discuss the basics you need to cover, to master this segment of your business.
Data Collection - Multiple Channels
Forget about the old ways when data collection was done manually, through paper records. In today's fast-changing world, you need to go digital, and you need to do it quickly.
Collecting data digitally will allow you to collect more data, learn about your customers as they interact with you, and keep a close eye on their journey with you.
So, what is the best way to collect data digitally? It's best to combine multiple channels:
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ask customers for data
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track their journey on your website
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create surveys and contents
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track social media behavior
Naturally, pay close attention to data privacy laws.
Handling Data
To be able to monetize your data, you need to plan how you’re going to handle and manage it. This calls for a specific overview of your current status as well as a plan on how to improve it. Here’s what you’ll need to pay attention to:
- specifying what data you need and how to reach it
- what data streams are you able to manage
- data disposal
- measuring specific data impact
You need to be able to handle the data the way you want, to make sure it works for you, not against you. You need updated servers and technologies that will keep these processes speeded up and ensure everything runs smoothly.
Monetizing Data
Finally, after you’ve collected and learned how to handle your data, it’s time to make use of it. Leveraging the data you collected can help you improve your business and make better results.
First, you should use this data to learn about your customers and what they need, expect, and want from your business. Learn from their behavior and apply it to your business strategies. Create advertising aimed at their needs. Produce better social media content. Change your customer service practice or design the user experience according to their needs.
Next, learn about the products and services that work best for you, and those that are slowing you down. Optimize by removing the ones your customers don’t find interesting or valuable.
Finally, include analytics as a product to your customers, and make the data work for everyone included.
Final Thoughts
Data collection should be one of your top priorities since it can help you reduce costs, improve sales, and make sure your customer retention rate is and remains high.
Digitize this process and adopt new technologies as they come to light. Then, apply them to your data management and keep your customers happy.