Collecting Data: A Guide for Businesses

There’s no doubt about it: data is power nowadays, and it’s the currency all businesses are after. Considering that data gives you ebtter insight to who your customers are, it’s imperative that you take advantage of this gold mine.

But there are right and wrong ways to go about data collection. You don’t want to intrude on customers and break laws, after all.

Read on for a small guide on collecting data for businesses.

Be Aware of Data Privacy Laws

The first thing you need to understand is that it isn’t a free for all when it comes to collecting data. There are laws and regulations in place that protect consumers, and you need to respect that. If you don’t, not only do you break laws (and risk fines), but you’ll also break the trust of your potential customers.

Some key data privacy laws you should be aware of include the Privacy Act of 1974, the CAN-SPAM Act of 2003, and the California Consumer Privacy Act (CCPA). If your business acts in eEuropea, then you also need to comply with the General Data Protection Requirements (GDPR) and Payment Services Directive 2 (PSD2).

Look at Avenues for 2nd and 3rd Party Data

It’s hard work collecting data on your own. Not to mention, it’s a very small pool. You can get a much larger data set by getting 2nd and/or 3rd party data.

With 2nd party data, it’s a “you scratch my back and I’ll scratch yours” deal. You exchange your 1st party data with another company so you both take advantage of each other’s consumer pools.

With 3rd party data, you basically pay a company to hand over large sets of consumer data. Not all of it may be relevant, but it allows you to draw better conclusions for consumer behavior and preferences.

Take Advantage of Technology

It can be difficult keeping up with compliance and making sense of your business data. So a good idea is to take advantage of technology.

There are several platforms that allow you to govern your data, such as OvalEdge. Not only does this tech let you make sense of all your data immediately, but it also ensures you’re compliant with the many data laws and regulations in the world.

In addition, you can even predict your business’s future, as the program can take existing data and extrapolate it. This can provide valuable insight that helps you shape your operations optimally.

Make Sure You’re Collecting Data Correctly

Collecting data in the right way can make all the difference in running a business. By following our tips, not only will you be able to collect data in compliant ways, but you’ll also be able to get large sets of information that’ll play a key role in shaping your marketing campaigns. It’s a win-win situation!

If you need more help with business management, then keep reading our blog now!