MARKET RESEARCH BLIND DATA A better way to buy consumer information
D ata drives the modern economy. It is vital for AI recommendations. But while data is widely available, it is often unreliable and biased. Knowing what existing and potential customers really think and how they act is becoming increasingly difficult. Popular tools like online ad blockers, virtual private networks (VPNs), and incognito web browsers protect the privacy of consumers and make it harder to track their behaviour. strategic decision-making, market analysis, and product development, as well as underpinning The result is that data which can be collected is often skewed towards less privacy-sensitive individuals, a cohort that is not representative of the wider population. Regulations such as the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) further underpin consumer rights when it comes to data privacy. Similar rules exist in other key markets, including China, India, Japan, and Brazil. Some third-party brokers skirt these rules, collecting information without consent from subjects and without offering them any compensation. However, the data they gather often suffers from the same issues of being unreliable and unrepresentative. All this causes obvious problems – bad data delivers flawed insights. This can lead to poor business strategies, ranging from mispriced services and misdirected marketing campaigns to the development of products that people just aren’t interested in. The problems around poor data quality are well-recognised, but how can companies address the issue?
by Ram Gopal
Warwick Business School | wbs.ac.uk
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