Data Hurdles

In the latest episode of the podcast, Michael Burke and Chris Detzel discuss the concept of the data-driven consumer experience, how companies collect consumer data, and how they derive value from this information. They delve into the potential benefits and risks of using consumer data, and how businesses can use it for good.

One of the key takeaways from the podcast is the importance of creating consumer value with information. Michael cites Apple's use of anonymized data collected from their devices to create a heart rate monitor that can detect potential heart attacks as an example of how companies can use data responsibly. He notes that companies that originated as device companies may have a different approach to data than those that started as data companies. This suggests that a company's values regarding information can align their strategy towards using data for good to make a product better, rather than for exploitative measures.

Michael and Chris also discuss how to measure the success of a data-driven customer experience initiative. Michael suggests that the first step is to have a targeted and simple outcome. Organizations need to be aware of their interactions with their products or services to understand customers better. The touchpoints may vary from organization to organization, and they could be different for digital and in-store products. For example, if a consumer is looking to buy a piece of clothing, organizations should focus on metrics that deliver the product to the user at the right time and place.

Another crucial point discussed in the podcast is how businesses can use consolidated data to provide high-level profile information that enables better decision making. Michael mentions that there are various tools available to track and consolidate data, such as cloud data platforms, consumer data platforms, analytics trackers, and mobile app integrations. Consolidation of data can be done using tools such as master data management or MDM's, or more tailored use cases for specific outcomes. The speaker suggests that a more generalized level of consolidation of data is a better option for businesses. By tracking how users engage with a product, businesses can measure the virality of their products and get insights into what actions customers are taking within the product.

The podcast sheds light on the potential benefits and risks of using consumer data for business purposes. It highlights the importance of using data responsibly and creating consumer value with information. The speakers also provide useful insights into measuring the success of a data-driven customer experience initiative and how businesses can use consolidated data to make better decisions. While data can be messy, a complete understanding of customers and their actions can provide valuable insights for businesses.