In business, a one-size-fits-all approach just doesn’t cut it anymore. Today, consumers want tailored, individual services.
To address this, successful businesses know what their customers look like, right down to where they live, what they might earn and what their favourite pastimes are.
To understand a market and target audience, companies use big data collected via platforms like Amazon, Google and Facebook. These online platforms even sell and cross reference information to improve their insight into people’s behaviour.
Why? Because the best way to influence a consumer’s decisions, or purchase behaviour is to know what they want before they do.
However, understanding consumer behaviour wasn’t born from a desire to introduce ‘big brother’ styled surveillance. Rather, the need to improve customer product and service offerings.
For small business, this can be as simple as using Facebook’s audience profiling in advertising or plugging Google Analytics into your website.