Modern businesses run on data. Companies regularly capture, store, and analyze large amounts of quantitative and qualitative data on consumer behavior, to which they can apply predictive analytics to make better strategic decisions. Some companies have built an entire business model around consumer data, whether they sell personal information to a third party or create targeted ads to promote their products and services. Here’s a look at some of the ways companies capture consumer data, what they do with that information, and how you can use the same techniques for your own business purposes.
Types of consumer data businesses collect
The consumer data that businesses collect break down into four categories:
- Personal data. This category includes personally identifiable information such as Social Security numbers, date of birth, and gender, as well as non-personally identifiable information like browser fingerprints, IP addresses, web browser cookies, and device IDs (which both your laptop and mobile device have).
- Engagement data. This type of data details how consumers interact with a business’s website, mobile apps, text messages, social media pages, emails, paid ads, and customer service routes.
- Behavioral data. This category encompasses transactional details such as purchase histories, browsing patterns, product usage information (e.g., repeated actions), session recordings, and qualitative data (e.g., mouse movement information and heat mapping).
- Attitudinal data. This data type includes metrics on customer satisfaction, purchase criteria, product desirability, brand perception, and customer feedback scores.
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