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Creating a data-driven win-win for business and customer

This article was based on the interview with Christian Ward, Chief Data Officer at Yext by Greg Kihlström, MarTech keynote speaker for The Agile Brand with Greg Kihlström podcast. Listen to the original episode here:

On The Agile Brand podcast, Christian Ward from Yext discusses the concept of a data-driven win-win for both businesses and customers. He argues that a philosophical shift is needed in how data is viewed and utilized, moving away from the idea of exploiting data towards a more transparent and mutually beneficial approach.

Traditionally, data has been seen as something to be exploited by marketers. They have been taught to gather as much data as possible and use it to their advantage, often without considering the impact on the customer. However, Ward suggests that this approach is outdated and needs to be reevaluated.

Instead, Ward proposes a new approach that treats data as something provided or given by individuals, rather than something taken without their consent. This shift in perspective emphasizes the importance of transparency and respect for the customer’s privacy. It acknowledges that customers have the right to control their own data and should be informed about how it will be used.

By adopting this new mindset, businesses can create a win-win situation for both themselves and their customers. Firstly, by prioritizing transparency and accuracy in data collection and usage, businesses can build trust with their customers. When customers feel that their data is being handled responsibly and ethically, they are more likely to engage with the brand and develop a positive perception of it.

Secondly, by focusing on relevance in data-driven marketing strategies, businesses can create personalized experiences for their customers. By understanding their customers’ needs and preferences, businesses can deliver targeted and timely messages that are genuinely valuable to the customer. This not only enhances the customer experience but also increases the likelihood of conversion and customer loyalty.

Moreover, this data-driven win-win approach also enables businesses to engage in positive dialogue with their customers. By being transparent about data collection and usage practices, businesses can open up a conversation with their customers, seeking their input and feedback. This dialogue can help businesses better understand their customers’ expectations and tailor their offerings accordingly.

The conversation with Ward highlights the importance of transparency in data privacy. He argues that data should be seen as something provided or given by individuals, rather than something taken without their consent. They emphasize the need for marketers to unlearn old strategies and embrace a lean data approach that focuses on transparency, accuracy, and relevance. By doing so, brands can create personalized experiences, build trust, and engage in positive dialogue with their customers. Ultimately, data privacy is about transparency and ensuring that individuals’ information is treated with respect and used ethically.

House of the Customer by Greg Kihlström