Data-Driven Understanding: 6 Data Collection Prerequisites

What data do I need, to understand my customers on my platform/hardware and improve my product?

You're a B2B/B2C data-driven company that wants to learn about your customers (on your platform/hardware), to identify best-performing features and fix product bugs to grow your business. But,

  • What data do you need and how do you get started?
  • If you've already started collecting data, what components are missing?

After 10 years of analyzing data sets of all shapes, sizes and industries, I've found that if you track the following 5 attributes about your platform/hardware and your customers, timestamped at the individual event level:

  1. "Demographics" of the customer's device or IoT device (e.g. Android/iPhone, tablet, desktop, hardware type),
  2. Your app's/platform's "demographics" (e.g. release 0.9.3),
  3. State(s) of the app's/platform's assets (e.g. order of images/videos shown to whom, sensor(s)),
  4. Interactions of all of the above, and
  5. Touch-points (e.g. acquisition channels, marketing emails, customer service interactions, sensor maintenance),

you'll be able to answer virtually any question about your business with data. You'll be able to:

  • Identify the best-performing and under-performing attributes of your product.
  • Fine-tune your customer acquisition and retention strategies, to understand:
    • who your best customers are and how they found you,
    • what their purchase triggers,
    • where they're coming from, and
    • what keeps them coming back.
  • Quantify what an (un)stable process looks like, and how to (anomaly) detect it.
  • ... and many more.

If your business is not growing and you're struggling to improve your product, please reach out.

Keywords: Data strategy, customer acquisition, retention. customer understanding, Internet of Things (IoT) sensors, data products

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