Let's Talk Loyalty #598: Data Sources – How much is enough and when it is too much?
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Oct 8, 2024 Bill Hanifin, CEO of the Wise Marketer Group, and Aaron Dauphinee, CMO, share their expertise from the Loyalty Academy™. They dive into the landscape of data analytics in loyalty marketing. The duo discusses the types of data brands should focus on, emphasizing the critical role of first-party data. They also explore ethical considerations in data collection, touching on regulations like GDPR. Finally, they tackle the balance between gathering enough data for informed decision-making without getting overwhelmed by excess information.
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Core Data From Loyalty Programs
- Loyalty programs mainly collect behavioral transactional data from customer purchases, which is crucial for insights.
- Data includes transaction amount, location, channel, items purchased, payment method, and reward point activity.
Industry Data Source Variation
- Data sources vary by industry, from financial applications to airline bookings with rich customer histories.
- Retailers often struggle with customer identification at point of sale, limiting data depth compared to some sectors.
Prioritize Purposeful Data Collection
- Collect data with clear purpose and transparency to customers about its use and value.
- Remove unnecessary data to maintain accuracy and relevance, improving data management and customer trust.
