Making New Data
In this chapter
Enriching data-mining resources with loyalty programs
Conducting experiments (no lab coat required)
Using survey research
The best data is your own data. Your own stuff is more relevant to your organization and clients than any data you can buy, and it’s often richer in detail. And only you have it! The better your private data resources, the greater your information advantage over competitors. (Refer to Chapter 8 for more on the wonders of your own internal data sources.)
But what if you need data that you don’t already have? Is that your cue to look for a data vendor? Maybe â¦ but probably not.
When you have made the most of the data you have, your next step is to build on what you’ve learned by adding additional depth and detail. You want to know more about your own clients, who they are, how they behave, and how they think. And you need information that is relevant to the business problems that you want to solve. In most cases, no vendor has data that addresses those specific needs.
When you don’t have the data you need and nobody offers it for sale, it’s time to start collecting your own new data. That’s where this chapter comes in. ...