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:
- "Demographics" of the customer's device or IoT device (e.g. Android/iPhone, tablet, desktop, hardware type),
- Your app's/platform's "demographics" (e.g. release 0.9.3),
- State(s) of the app's/platform's assets (e.g. order of images/videos shown to whom, sensor(s)),
- Interactions of all of the above, and
- 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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