Data is at the heart of more products and services than ever before. Everyday customers share information but do they understand the implications? Companies like Google, eBay and Facebook are doing exciting and innovative things with our data in return they supply feature rich and valuable services for free. Consumers are starting to weigh the price of their personal information, behavior data and sentiment data against these services. The balance will be different for all of us.
I am a fan of personalized service, content and promotions but I would like a more granular level of control. Companies like Acxiom are promoting transparency and control for the data they collect and sell about consumers. Several years ago they launched a website Aboutthedata.com that allows consumers to check the accuracy of the data they host. The question is; would you update the data if you see an error or omit certain fields that you’re uncomfortable with? I like this service and believe it aligns with the best practice of putting control of personal information in the hands of the customer. Long term I believe customers will control their data centrally and selectively make it available to service providers, perhaps for a fee?
In this week’s #ThinkChat segment Tom Davenport, John Thompson and I discuss the impact of data on consumers, where the control points should be and why Tom didn’t correct the accuracy issues he found in his data.