We’ve all heard the line about employees being the company’s most important asset. But are they really? Is an employee more valuable than a customer? When it comes to owned media, customers are far more valuable than employees, mainly through the future potential of the customers data.
As a customer, personal data, which represents a tiny fraction of a person, is an eternal memento of an individual at multiple points-in-time. Many of you will be owners of other people’s personal data, which is a privilege, one to be honoured and treated as sacrosanct. Because rich customer data will pave the way for the next frontier of communications. A frontier that will eclipse the spray-and-pray advertising techniques that have dominated the past 50 years of mass communications, not to mention the hamfistery of retargeting models currently being abused.
Customer data will also open up new models where the lines between loyalty and rewards programs; inventory management and; owned media ecosystems will be blurred beyond belief. We see a world where a brand will soon integrate inventory management and customer data with owned (and paid) media execution to create better customer experiences and business outcomes.
Valuable data will be monetised and leveraged in multiple ways by being shared, co-op’ed, bundled, federated, sliced, diced and enhanced. The thing to remember in all of this excitement is that once the toothpaste is out of the tube, it doesn’t go back in… and neither does data. So, making the right decisions early are crucial to future success.