The expression “data is the new oil” has never been truer than it is today. In the digital age, all consumer-facing businesses benefit significantly from data about consumers, and it has never been easier to collect, classify, and analyze such data, whether online or from brick-and-mortar outlets.
This data allows businesses to know their consumers better than ever before – their ages, gender, locations, phone numbers, and spending patterns are all easily available. This allows businesses to differentiate products, plan production in line with consumption, and ensure their goods and/or services are priced to retain brand value while also being enticing. Consumer data analysis is also highly beneficial for targeted advertising programs, which provide substantial returns for investments in marketing.
Unlocking the Power of Consumer Data
As a foreign brand owner partnering with Indian businesses, it is imperative that the brand owner gain access to this invaluable resource. After all, the parties won’t necessarily be wedded for life. There are several reasons why relationships between them may not last, including the will of the brand owner to set up shop in India directly.
It would be folly not to take advantage of the Indian partner’s experience and access to data. So, what are the areas to be mindful of when structuring an arrangement for the Indian market?
Data Access: A Must for Brand Owners
Consumer lists, including phone numbers, email addresses, social media accounts, etc. Typically, partners are asked to provide brand owners with perpetual access to this information, but there are often disagreements at the time of termination of relationships, resulting in a refusal to share such data.
