In today’s competitive landscape, making informed decisions based on reliable data is crucial for business success. By combining quantitative research with advanced tools like the LOOKA Survey, businesses gain insights that drive growth and minimise risks.

The Intersection of Data and Surveys

Imagine a mobile Buy Now, Pay Later (BNPL) company aiming to expand its customer base. To reduce the risk of defaults, the company must understand customer financial profiles and repayment behaviour. This is where the synergy between data and surveys comes into play. A solid foundation of customer data allows businesses to identify key insights about market demand, trends, and potential risks.

\The BNPL company would need to gather various types of data to make informed decisions. Customer data, such as purchase history and demographics, helps predict purchasing behaviour, while market data provides insights into broader industry trends and potential opportunities. Additionally, analysing social media offers a glimpse into emerging customer preferences, and incorporating third-party data, like credit reports, enhances the accuracy of predictive models. This holistic approach ensures a well-rounded understanding of the market and customer behaviour.

\This multi-layered approach gives businesses a comprehensive view of their target market. Surveys, in particular, refine these insights, allowing companies to customise their services. For example, understanding customer needs would help the mobile BNPL company and prevent risky decisions, such as offering credit to customers who may not repay. Additionally, survey data reveals insights like the acceptable Know Your Customer (KYC) documentation in different regions. In Africa, for example, many women lack identification documents, which could hinder financial inclusion. Survey data helps businesses recognise and navigate these regional challenges.