The Significance of Business Intelligence to Understand the Evolving Consumer Behaviour

    The Significance of Business Intelligence to Understand the Evolving Consumer Behaviour

    For businesses to consume data-based insights for decision-making requires a comprehensive viewpoint – however, the advanced version of behavioural data is yet to be implemented.

    Given the ongoing market conditions, brands gradually realize the significance of consumer data science. In order to remain competitive amid the fast-paced market change, sales and marketing organizations need to have streamlined, fast access to the critical consumer-based data readily available.

    For the time being, the sensitivity about data selection, legislation, and responsible use has altered the climate where companies operate. The external pressures from the pandemic, economic hardships and societal upheaval are also triggering the need for consumer insights to speed up.

    Presently, as the pandemic persists, consumers’ behavior and sentiment are changing rapidly. In the case of market research, the objective of consumer data has been behavioral data for a long – it often includes media consumption or purchase data.

    Also Read: How Business Intelligence and Consumer Data Is Helping B2B Enterprises

    Due to the complexities around collecting such data, most marketers have switched to survey data as the basis of their insights. But these methods have their limitations too. Since businesses can discover data with a study, the promise of behavioral data has not come to execution. Hence, even today, it is only a mode to obtain data about the target audiences.

    It is no secret that this method somewhat provides a small part of reality. Actually, to start understanding customers, marketers need to associate both types of data – behavioral along with a survey. Hence, it has proved to be an elusive aim at its best for professionals in the market research industry.

    Indeed, such dull user experiences have kept shoppers from accepting any methods that permit behavioral data collecting. This is due to the low levels of trust in brands or, sometimes, the data collection process. As a whole, the practice is hampering the progress of the overall marketplace.

    Even new laws are impacting the data collection system. Today, data has become a liability for many companies, but consumers are getting exhausted from their data collection practices.

    And this absence of clarity on the necessary data typically leads to misperception – resulting in blocked and unproductive marketing efforts. Cookies in 2021 have been an essential element for data collection, but are being phased out.

    Also Read: Good Behavioral Data for AI-powered Marketing Journey

    Moreover, most of the industries have not been able to or been eager to repay users efficiently to make it worth their efforts and while. A recent Measure Protocol study reveals that almost 78% of consumers expressed interest to connect with passive data collection – given that there are suitable rewards.

    The demand for consumer-based data will not vanish; instead, it will grow more with the popularity of complexity and data sensitivity. Thus, for brands to accomplish the insights for decision making, they need to prioritize consumer needs.

    Clearly, to begin with, communication is essential and compensates them accordingly. This is time-consuming but critical to the upcoming consumer insights and market research.

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    Sudipta Choudhury
    Marketing professional with experience in B2B and MR industry. Skilled in Marketing, Strategy Making, Copywriting and Content Creation, Sales, and SEO with excellent Communication Efficiency. Holding dual master's degree focused on Marketing from IBS, Pune and ICFAI University.