Question

How should a business use data collected from customers to advance their concept? What gaps might still exist in the data and how do you fill those gaps?

Answer 1

Data collected from customers are used in the following manner:

1. It is considered as a feedback to the campaign for the new concept. You can add customizations as per the data.
2. You get an idea of prospective customer numbers, who are willing to buy the product.
3. You can get an idea of how and to what extent you need to market your product to get significant visibility.
4. At times you may get some information on a similar existing product.

Gaps that still exist include:

1. Sample customers may not represent the entire target customer range.
2. Sample selection may be skewed, i.e. similar customers may constitute the sample.
3. You may not get converging results and hence the result may not be suitable for deduction.
4. Customers may not express their actual feeling, rather may try to be in good books.