Weekly Business Insights from Top Ten Business Magazines | Week 291 | Entrepreneurship | 1

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 291 | April 7-13, 2023

3 Data Gathering Strategies That Benefit Both Businesses and Consumers

By Rashan Dixon | Entrepreneur | April 11, 2023

Listen to the Extractive Summary of the Article

Data is powerful. It can generate leads, inform customer interactions and ultimately grow revenue.  Data is also a force that businesses can use for good (or evil). The poster child of the latter is third-party data, which has given the analytics industry a bit of a bad rap in recent years. As third-party data is being phased out, though, it’s opening the doors for companies to rewrite the script on data through better data-gathering methods.

Healthy data collection is the process of collecting, organizing and utilizing data in a legal, honest and safe manner. It’s an approach to data that is in everyone’s interest.  The question is: How can companies tap into this positive, respectful approach to using data as we move toward a third-party-data-less future?

Here are a few strategies that companies can use to collect both potential and existing customer data in a manner that benefits businesses and consumers alike.

1. Use on-site software to capture first-party customer data.  As third-party data becomes irrelevant, it puts a fresh emphasis on first-party data — data consumers offer businesses with their explicit consent. There are multiple ways to collect this data independently, including directly on your website.  Software solutions can be installed onto a company website, allowing a brand to collect first-party data directly from visitors. This can match anonymous digital identifiers to customer profiles — critically, using data collected with the awareness and acknowledgment of its owner.
2. Surveys are a neat and clean data-gathering strategy.  This is a great way to glean information from online customers as they’re on their way out the door.  The most obvious way a survey can help with data is by collecting important personal information. By asking a customer for certain preferences and proclivities, you open up the doors for personalized marketing in the future.
3. Offer giveaways (with reasonable strings attached).  Contests are a great way to encourage engagement and spread brand awareness. They also double as an easy way to get an individual’s data with their blessing.  Entering something like a product giveaway often comes with certain stipulations. These might include sharing a post, leaving a comment, or signing up for an email list. 

3 key takeaways from the article

1. Data is powerful. It can generate leads, inform customer interactions and ultimately grow revenue.  As third-party data is being phased out, though, it’s opening the doors for companies to rewrite the script on data through better data-gathering methods.
2. Healthy data collection is the process of collecting, organizing and utilizing data in a legal, honest and safe manner. It’s an approach to data that is in everyone’s interest.  The question is: How can companies tap into this positive, respectful approach to using data as we move toward a third-party-data-less future?
3. Few strategies that companies can use to collect both potential and existing customer data in a manner that benefits businesses and consumers alike are:  use on-site software to capture first-party customer data, surveys are a neat and clean data-gathering strategy, and Offer giveaways (with reasonable strings attached).

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Topics:  Entrepreneurship, Technology, Data