Businesses have been encouraged to consider the advantages of using customer data more extensively.
According to Curt Woods, chief customer officer at marketing specialist Buxton, this type of information can help to boost revenues and improve the quality of customer service a firm offers, reports CSNews.
This, he said, is because a "well-executed" analysis of existing customers and the wider public can help to deepen their understanding of the people they are aiming to attract and retain.
Mr Woods encouraged businesses to put programs in place to facilitate the collection of consumer data, such as a loyalty card scheme.
"Once you combine your transactional data with sources of national, household-level demographic and psychographic data, you can really bring your customer profiles to life," he commented.
Mr Woods added that both large companies with hundreds of outlets and smaller ventures with just one store can benefit from using consumer data to influence their marketing and business strategy.
Posted by Rachel Wheeler