Modern businesses rely on customer data to improve their services and outperform their competitors. In a report by Deloitte and Touche, companies that use customer data to make decisions increased their profits by 60%. Unfortunately, data collection is now more difficult due to stricter privacy laws resulting from the rising number of security breaches.
Customer data offers an insight into information such as customer demographics, behavior, and preferences, enabling businesses to create quality products and positive experiences that will cater to their client base. But it’s not enough for a business to collect customer data — it must collect data that is useful and relevant.