What is Consumer Lifestyle Data & How to Use It

What is Consumer Lifestyle Data?

Consumer Lifestyle Data has taken the place of outdated market research. For marketing success today, you need to be well versed in the psychographic nature of your consumers. Psychographics is the study of the general social and lifestyle trends of a given audience or individual. This data gives insights into how consumers spend their time in general, their motivations, needs, wants, what they consume and their lifestyle trends.

Who uses Consumer Lifestyle Data and for what use cases?

These insights are important for businesses looking to target specific audiences when marketing their services and products. The lifestyle data psychographics of your consumers can be learnt by monitoring their online behaviour. Website analytics, browsing data and social media monitoring will gain you insights into how to best target your consumers. Armed with these insights, you can then target your audience where they already spend their time, rather than waiting for them to find you.

Understanding your target audience’s lifestyle profiles can help you devise the most relevant content topics for your website. It can help with advertising and media campaigns. It can even help with deciding where to locate your next store.

You can look at what sites are attracting your target consumers and then think about how you can remodel your own brand to be more attractive to your target audience. Is your target audience into sports, clubbing or bitcoin? The answers can help you devise content and advertising that will appeal to your target consumers’ lifestyle profiles.

For example, you can detect figures your consumers admire and use this knowledge to make your content and marketing campaigns more attractive to your targeted consumers, by getting popular celebrities to open new stores or partner with you in advertising.

Another example, you can analyse the top influencers and social groups your target consumers are interacting with. Influencer marketing is a billion-dollar industry and set to keep growing. It pays to analyse why your consumers are keen to engage with particular platforms and how you can utilise this for your own brand.

What are typical Consumer Lifestyle Data attributes?

Contextualized data helps companies understand how consumers are responding to their marketing campaigns. Based on customer data, businesses can create customised promotions and special offers for individual customers. This is not possible only through the business website, but also via the digital devices the customers use or the social media platforms they engage with. The information you might want to acquire might include:

  • Social Media Platforms your consumers engage with
  • Statistics on trends popular with your consumers
  • Hobbies your consumers enjoy
  • Social events (such as concerts, music recitals)
  • Causes your targeted audience care for

How Consumer Lifestyle Data is collected?

There are two main ways businesses usually collect data. They can learn from customers directly via surveys and interviews. Another option is to indirectly follow customer’s online behavior by using more technological solutions like browser cookie tracking and scraping the social media for additional insights.
Companies can purchase Consumer Lifestyle Data from third-party sources who already collected the data. Many of these providers offer analytical platforms which analyse the data and give actionable insights. Companies can then use this data to give their consumers a better customer experience by modifying their digital presence, products or services to suit the current marketplace.
As the demand for ever more data grows, so too do the sources utilised by the third-party companies who supply it. At the same time, analytics technology is growing increasingly sophisticated. For businesses, gathering and utilising consumer lifestyle data may become essential to remain competitive.

How to assess the quality of Consumer Lifestyle Data?

You need to be cautious as some providers may have inaccurate information which can cost you money and disgruntled customers. Also some of the more popular data platforms have recently announced that they plan to restrict access to third party consumer data due to new regulations.

High quality data is critical for businesses’ overall value. Poor data quality is a common pitfall when assessing Consumer Lifestyle Data and can lead to a loss of customer’s trust and grave financial loss. The quality of Consumer Lifestyle Data needs to be understood, addressed and controlled if it is to add value to your company. Four simple steps to assure the quality of your consumer lifestyle data are:

  • You should only purchase from reputable sources. ( Ask for references.)
  • The consumer lifestyle dataset you purchase should be able to integrate with your existing business technologies, which should have built in anomaly detection which flags suspicious anomalies, and that runs time series data sets.
  • Ensure the system runs detection algorithms at multiple steps in the pipeline.
  • Ask your data provider for access to a sample data set to test the data quality.

How is Consumer Lifestyle Data typically priced?

Companies can purchase individual datasets from third party companies which usually start at a few hundred dollars for the smaller sets. Alternatively you can purchase an access to API’s and analytical platforms which give you a consistent feed of fresh data to act upon.

Prices for data feeds depend on the size of your company, the system you decide to use, the job type, the number of workers’ nodes used by the job and how many hours you want the system to run. Payment is usually by monthly or annual subscription.

In addition, most data providers will offer non-committal quotes based on your need as well.

What are the common challenges when buying Consumer Lifestyle Data?

A common challenge facing companies when buying Consumer Lifestyle Data is ensuring they purchase good quality data. Selling Consumer Lifestyle Data is a multi-million business and not all the companies selling Consumer Lifestyle Data are ethical or competent. Poor quality data will not benefit your company. Nor will out-of-date data from sellers who don’t update their datasets regularly. Quality is key when it comes to buying Consumer Lifestyle Data.

What to ask Consumer Lifestyle Data providers?

How large are your scales on the attributes of my interest?
Do you provide a sample set?
How and where is the data collected from?
Can your data be integrated with my current business technologies?

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