As a commercial business with consumers as your customer it is obvious that your customers data are your most valuable asset, and the asset that drives your business. And in a time where the market is moving fast it is more important than ever that you truly understand them and can serve them appropriately – with the right offer at the right time.
1st party data is priceless for understanding your customers and generating marketing insights
- Your customer data and relational data are the most valuable data to understand your business.
- This data can be used to generate insights about your customers, including who they are and what they do related to your brand.
- However, 1st party data is somewhat limited in terms of market insights.
- For a more complete understanding of your customers and market, you’ll need to supplement your 1st party data with 3rd party data.
So, your most important data are your customers’ data. This data tells you who your customers are and what they do in relation to your brand. However, this data is limited in terms of strategic market insights. Often, customer data can only tell you so much about your market position and how to increase growth.
This is where customer and consumer analytics come in. By creating these analytics, you are able to put your customers in a larger perspective and make them comparable to all other consumers in your market. This makes it easy to create representative personas that explain who the customer is, from a consumer perspective.
In other words, customer and consumer analytics make it possible to leverage your customer data into your marketing. And that is essential for optimising your marketing strategy.
Mosaic Lifestyles is a classification system that groups consumers together based on their spending habits and behaviors. Marketers can use this data to compare their own customers to the market at large, and to act on customer data in order to create competitive advantages.
Knowing as much as possible about your customers allows you to target them more effectively with your marketing campaigns. And by using precise and global data to optimize your marketing, you can stay ahead of the competition and better serve your customers.