Data, Data, Data – How Do I Get Some of That?

by Baileigh Allen

Data mining – getting the data you need, when you don’t know how to ask.

Big data. It is supposed to drive us into a future where interactive ads address us by name and personalized coupons hit our phones when we near stores.  But where do you mine for all of this data when consumers are especially concerned about their privacy?

Who’s minding the candy (data) store?

GFK, a market research firm, conducted a survey that reveals:

  • 88% of consumers are at least a little concerned about their data privacy
  • nearly half (49%) are very concerned.

This is not very reassuring to retail marketers trying to personalize their shopper’s experience.  Yet, new data from another survey on types of data mining shows that consumers are willing to give their personal data in exchange for some type of reward.

Respondents were asked questions relating to four scenarios concerning in-store and online personal information-sharing. Personal information included age, gender, email, clothing/shoe size, and credit card number, among others.

When asked how desirable it was to give retailers personal information for a reward, 50 percent of all respondents said they would happily provide retailers with information for a discount.

Shoppers are more willing to share their information online than in-store, though in-store information-sharing levels are still high: 48 percent of all respondents wanted to share their information in-store versus 56 percent online.”

What data mining process works best?

After testing what type or amount of discount consumers where looking for in exchange for their information, it was found that:

  • The majority preferred 50% off coupons.
  • Furthermore, through some A/B testing they found that consumers are more likely to offer data in exchange for a percent off versus a dollar amount off even when they resulted in the same monetary value.

Who needs this kind of data?

Every organization should be gathering data on their customers. You simply need to understand your customer’s drivers and motivate them to share with you.

When consumers share their data with you, you can start to formulate a strategy on how to personalize your brand experience. It’s a daunting task that has hopefully been made a little easier thanks to this new research on how to get consumers to open up.

How to get started with data collecting

It’s probably easier than you might think and everyone needs to know as much about their target customer as possible in today’s market with everyone fighting for the sell. While this can often be a daunting task, especially in the beginning, it doesn’t have to be.

To learn how to approach your data needs and more, contact a retail sales solutions company for a plan on how to approach working with the data you have (if any!), how to collect data appropriately, and how to get an established rhythm in place to manage your data needs effectively.  It doesn’t have to be a massive undertaking.

 

Let those who understand your data needs assist in making this as painless as possible while you go about your daily tasks as unusual.

For more retail sales solution information, click here to download the first guide in Marketsource’s Complete Retail Guide Series, Optimizing Retail Market Coverage.

OC_r_cover

Topic: Consumer Electronics Market Research

ABOUT THE AUTHOR

As the Research and Analytics Practice Leader, Baileigh is accountable for all primary and secondary research objectives.By contributing to the strategic vision, and its successful implementation and execution, Baileigh's expertise helps increase our client’s sales and their presence within the marketplace.

How to Measure ROI from MDF Funds

When your executive team asks how effective was the MDF program last year, do you have a reply ready?

Read More >

Disrupt Your IT Campaign: 14 Reasons to Innovate!

As the internet of things grows in importance, so do the reasons for more sales solutions and systems integrators. The possibilities are exciting.

Read More >

Data, Data, Data – How Do I Get Some of That?

Where do you mine for quality data when consumers are especially concerned about their privacy?

Read More >