From the course: Introduction to Business Analytics (2020)
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Psychographic data
From the course: Introduction to Business Analytics (2020)
Psychographic data
- Do you know how your customers feel about your product or service? Well, if you don't, you certainly should. You may have heard raving endorsements from your biggest fans or scathing negative reviews from a few disgruntled customers. But I wouldn't really take this feedback as gospel, especially if you're not actively asking for feedback, because chances are, only a small segment of your customer base is actively seeking you out to tell you how they feel. You might have some adverse selection bias, especially if you're taking this feedback at face value. This is where psychographic data comes into play. An effective survey can help you develop a deeper understanding of your customer base. In a way, sales data is kind of a very rudimentary form of psychographic data. Your customer base is essentially casting their vote with their dollar. Sales data can tell you which of your products are really resonating on the…
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