subject: Looking At Consumer Data And Research [print this page] What to learn about consumer data research gives a description of data collection, privacy issues and certain purchase patterns that create interest in researchers. Some companies serving international markets hire a professional data analysis company to collect international data. Other companies themselves gather and analyze data on consumer spending. Businesses have several options to learn about consumers who purchase their products. The goal of wanting to make good business decisions stays unchanged.
Marketing researchers like to use a panel survey to search for interesting consumer purchase patterns and preferences. People can think of a panel survey as a snap shot of a group of shoppers. Then marketing analysts inspect the picture and record traits and qualities of the people who answered the survey. A panel survey that occurs periodically over months is called a longitudinal survey. Panel studies remain a key tool to achieve good results. Other marketing tools exist to achieve a different purpose.
Various retail stores employ mystery shoppers. Mystery shoppers are a tool that gives feedback on employee work practices at individual stores. Advertisements to hire mystery shoppers have risen in recent times. Mystery shoppers reveal their feelings about their shopping experiences. Store sales personnel use this information in their plan to improve customer service and to increase sales. An internet driven business probably has an automatic electronic method to accumulate useful data. One such system involves electronic tracking using bar codes and scanner data.
Scanner data from bar codes get automatically categorized then tracked. Bar codes get put on just about every product bought and sold in retail stores. Careful manipulation of bar codes data can reveal secrets about what consumers truly want. Also, bar codes match up with international product codes. These international product codes categorize every product bought and sold between countries. Eventually scanner data will automatically link to international product codes and to other useful data bases.
Privacy Issues
Consumers and retail companies share common concerns about privacy. Consumers know that stores collect data about consumer shopping habits. Businesses know they need to collect data to maintain their profits and to give people what they want. Government and business leaders regularly hold discussions about how to protect privacy. Businesses and consumers accept that it is in their best interest to help each other.
Another important privacy topic is not letting sensitive data be passed around for reasons other than marketing. Businesses that collect data from consumers must always store data in a place that is impenetrable. Business leaders have discussed industry standards for collecting, storing, disseminating, and using the personal information of consumers. Protection of sensitive personal data and internet access to the information involves a cooperative effort between consumers and businesses.
Customer Shopping Behavior And Preferences
The Holy Grail for researchers of shopper behavior is answering two unanswerable questions, namely what do people want and how much are people willing to pay. A single company needs to only answer for its own operation. A large business that consists of several smaller businesses must answer these questions for each firm. Researchers and businesses seek knowledge they know will bring them riches. This knowledge is helps them to predict what people will buy and how much people will pay.
What to know about consumer data describes collection, privacy and consumer behavior patterns that companies and consumers find important.
