Sources of Data
Data comes from a number of sources. For many businesses data gets collected as a part of typical business transactions, customer service, marketing and sales leads etc. This type of data on existing customers help in designing custom campaigns for customer retention, cross selling, up selling etc.
But for acquiring new customers, businesses need to rely extensively on third-party sources of data. Third-party data can be information captured by other organizations about their customers or a compiled list obtained through sweepstakes, online registrations, subscription forms, contests, events etc. Such data usually contain customer contact information, along with demographics and psychographics, some supplied by consumers, and others inferred by the data compiler.