BUSINESS CENT$
what you want from them, perhaps it's time to share a little. Taking five minutes to fill out some basic profile information in your "preferences" could, at the very least, save you time on future shopping excursions and might even lead to a surprise find.
2. Use data to get the best deals.
When you're shopping online, you can quickly compare prices for the exact item you want to purchase across multiple vendors, and, if you have time to wait, be alerted should the item go on sale. The best example is travel. There seems to be a never-ending list of websites available for booking flights and hotels, but booking the first flight you see without shopping around is rarely going to get you the best deal. Countless studies have shown booking on certain days of the week, or a particular number of weeks ahead of your trip, will yield the best results. From there, one still has to compare prices against different websites to find the best fare. Luckily, some of the top search engines are making this even easier for consumers by indicating whether the price is high or low. The art of finding the best deal is really in comparing the data.
"Some brands ask for too much,...."
3. Know where to draw the line.
At the end of the day, privacy is still important, and it's prudent not to share too much personal information. Think critically about which data is going to be absolutely necessary to enhance your experience with the companies you rely on. For example, it's not necessary to share your contact list, your geolocation or (if you're on a mobile device) access to your camera if you're using a music or financial app. Some brands ask for too much, and it's up to each individual to determine which data makes sense to share with each brand and what doesn't. For example, don't be too quick to provide broad access to an app you've just downloaded. Also, as painful as it may be, do read the privacy policy of the sites you frequent and understand how they use and protect the personal information they collect on you.
Ultimately, most companies today are still just scratching the surface when it comes to understanding the impact customer data can have on the profitability and success of their business. There is still a lot of room for growth when it comes to companies effectively using data to address consumer needs. It's up to each one of us to make sure we are sharing the right data with them, while also using that data to our advantage to get the best deals and online experience possible.