Modern Data Collection Practices
Transactional data tracking, in-store traffic monitoring, and surveys are some of the modern data collecting practices.
Transactional Data Tracking
- Transactional data tracking is an ideal data collection method for in-store, online, or both. This method can give a brand valuable insight about its customers and their preferences, based on the pace of purchase of goods or services. In this case, transactional records may be stored in a customer relationship management system. They can give insights on what is in demand and what's not and overall customers' feelings about a brand.
- More retailers are using transactional data tracking methods also to introduce new products to their stores. By understanding the shopping patterns of their clientele, more stores are in a better position to make informed decisions on the type of products or services that their target audience would wish to experiment with. To achieve this, retailers capitalize on credit card payments, invoices, sales, and purchase orders.
- Walmart is one of the retailers that has been using transactional data analysis to inform their decisions. The outlet uses a mobile app to generate a shopping list and analyze data based on what customers purchase every week. By identifying customers and their shopping habits, Walmart has continued to retain its competitive edge in such a competitive industry.
In-store Traffic Monitoring
- Most retail stores such as Target use in-store traffic monitoring to collect customer data. This method provides an easy way to calculate retail customer traffic based on the transactions versus the number of walk-ins. With millions of visitors every year, in-store traffic monitoring has proven to be an asset in providing insights into customer behaviors and preferences and identifying common trends.
- In-store traffic can play the role of web analytics in a physical store. In this case, brick-and-mortar stores can use this method to collect data on how online stores track website visitors and hits on their page. Physical business locations can and should always apply this method to determine the number of visitors walking in their store and their preferences.
- In-store traffic monitoring can be a good indicator of store productivity and can be used to gauge if a retail store is maximizing its space and fixtures. In some instances, this method has been used to inform and plan store layout and merchandise to maximize profits and opportunities. This data collection method can also be used to gauge sales per employee, conversion rate, gross and net profits.
- Surveys have been one of the most reliable methods of collecting data in yesteryears and today. This method is most ideal when collecting qualitative data as it provides in-depth information about how customers genuinely feel about a product or a brand. Often, surveys are used to get users to rate the value of a product and explain why they choose a product or service over others and if they are likely to recommend it to others.
- Organizations that use surveys as their preferred method of data collection often include questions respondents can reply to in a few words. Today surveys have moved online, over email, and via telephone, as opposed to face-to-face. Online surveys are less demanding compared to in-person ones. Organizations are in a better position to make decisions after gathering data from surveys.
- SiteGround is one of the companies that have continued to use surveys through the years to collect customer data. After gathering customer data, SiteGround focuses on improving customer experience and solving any outstanding issues raised by their audience. To achieve this, the company asks its users to rate each customer rep that lives chats with them. Once a customer is done interacting with a customer service rep, they are automatically redirected to a new window to participate in a survey. This has contributed to the brand winning awards for prioritizing the value of customer feedback.
Quizzes and Questionnaires
- Quizzes and questionnaires are modern data collection practices that help companies gather information and study customer behavior, motivations, and preferences before making informed decisions. Often, organizations may use online quizzes to connect or create leads and collect data information. These methods are ideal for catching the attention of the target audience and converting leads to sales.
- Questionnaire and quizzes are proving to be more feasible and efficient data collection methods than in-depth interviews. More so, these methods are a lot cheaper and time-saving to conduct than in-person interviews. In this case, customers can comfortably and quickly fill in questionnaires without interrupting the normal programming of the participants. Quizzes and questionnaires can also capture a larger audience because of their convenience.
- Brandlective is an example of an organization using quizzes and questionnaires to collect data from its users. As a result, the method has helped the brand improve its profile and encourage putting its services on the radar of its prospects. In this case, the brand tailors questions to the participants based on how they scored in the quiz. The methods have proven to be high-value for the participants as well. The company uses the feedback to develop insights into solutions that ideal prospects are facing.
- More institutions are today relying on chatbots to collect basic and personal data from clients. In this case, customers are asked to key in information such as phone number and age. Chatbots have proven to be an ideal way of collecting customer data as they do not ask too many questions in one go. Instead, they ask one question after another, which does not overwhelm the consumer. After the initial interaction, the bot captures all the necessary details, which can be added to a mailing list.
- Wells Fargo is an example of a financial institution that uses a chatbot to harvest customer data. This method uses artificial intelligence that improves processes and administration, speeds up automation, and strengthens the relationship between the institution and its clientele. A chatbot acts as a computer-operated brain that interacts, plans, and solves problems within the shortest time possible, thus smoothening up an otherwise rigorous data collection process.
- More organizations today are using chatbots to harness stored data and user information, quickly identify problem areas within institutions, and provide fast solutions while mimicking human interaction. Businesses can achieve brand loyalty by understanding the needs of their clients and using the artificial intelligence of chatbots to handle these needs. To successfully collect data using chatbots, data must collected must be captured from consistent end-users targeted for the solution. As such, the questions must be expressed in the user's voice, using understandable phrases and vocabulary.