The Great Data Debate
Today, we are facing an ongoing debate on the value of data capture and the parameters necessary to support the consumer's experience while also protecting privacy. Here are some of our considerations as we join the conversation:
Why & When Data Capture is Useful
- To help make sure that the products you see are the products you want and need
- To pre-populate data that would otherwise be a burden to type in
- To introduce you to brands and products that you have an affinity for based on your past shopping behavior
- To remind you of events you might put off or forget until it is too late like that gift for mom on Mother's Day
- To make sure you only see the news (even if your preference is People) that you want to read
The Debate at Hand: Personalization vs. Individualism
Today, most Personalization is done through segmentation and creating profiles to target specific customers and prospects with specific product or offers based on sets of behavior. Sometimes this personalization can be off because it is done at the segment level. With data and technology developments, there is a move to Individualism, which creates a unique path for every consumer based on their individual behavior and preferences. This means there is less error in targeting but also more information being shared. The challenge for the industry is to protect individuals while not eliminating the benefits that data capture also delivers.
At Belardi Wong, our goal is to enable marketers while making sure we are only using the most trusted data sources that are compliant with all data security and privacy standards today. As the standards change, we reach out to our partners to ensure they are adapting quickly. In our Data Monetization division, we are focused on opportunities to deliver incremental income to clients through the use of their non PII data, creating an opportunity for income while protecting customers.
As always, we are happy to discuss this further with you - or any other hot topics on your mind.