Yesterday, I tweeted this…
Huge game last night. England V Germany. You’d think, cooking dinner would be the last thing on many peoples mind.
Yet – not one single takeaway or food place near me (including those I order from on a regular basis) reached out to me – with offers, suggestions etc… anything! to tempt me to order some food and not cook at home.
Yes – I could’ve been out – nevertheless, they don’t know that and maybe I would’ve wanted some food when I got home!
Anyway – the point I’m trying to make is…
The concept behind “data is the new oil” is that just like oil, raw data isn’t valuable in and of itself, but, rather, the value is created when it is gathered completely and accurately, connected to other relevant data, and done so in a timely manner.
And do you know who said this? – It was actually Clive Humby, UK Mathematician and architect of Tesco’s Clubcard, who is widely credited as the first to coin the phrase.
Tesco Clubcard – they hold so much information about you – if you shop there. And that’s how they are able to personalise the vouchers and offers they provide you.
However – when I was in Toronto a few years ago, I met with Sir Tim Berners-Lee. We were talking on the same stage. During my talk, I mentioned… Data is the new oil. After the event, we were in a room, with some photographers and other folk who had been on stage that day, and Sir Tim comes over to me.
‘Bal… it is Bal, right?… well, you said Data is the new oil… it isn’t. That’s wrong. Data is not the new oil.’
‘Woah.. .Hey Sir Tim, how is it not the new oil? – it’s so valuable… ‘
‘Oil.. once refined and used, that’s it. Data on the other hand, can be used multiple times, re-used and sold many times – and there is still value left within it’.
‘Wow… didn’t think of it like that Sir Tim.’
Anyway, Sir Tim and I chatted for a few minutes, gave me his business card and then was ushered away and so was I (to a dinner I think…)
But the point is… there is sooooo much data out there, and more and more people (customers) are willing to share it. It’s second nature in most cases. And if you’re a business – there’s so much you can do with that data.
You can do the basics, have a Customer Relationship Management system, that helps you build and grow the relationship with your customers. If that’s to complex, then just have a basic spreadsheet with customer information – that you can use to contact, call or just offer them a discounted pizza! (I do have to mention – when it comes to data, please ensure you are familiar with GDPR).
You can find out so much about your customers via social media – they’ll be sharing their favourite food, drinks, locations, etc… you can figure out so much!
Now, most big corps know how much value data has. There are ‘data scientists’ that help to break down the data into meaningful information that then can be used. There’s ‘Chief Data Officers’ – with the remit to have a team that solely looks at data and insights – again, using the value to drive business decisions and returning the biggest bang for your buck!
Whilst most small to medium companies probably can’t afford these luxuries, there are small steps that can be taken. Basic ones. Simple ones. Going back to Tesco Clubcard – can you have a loyalty scheme? – A very easy way to gather data. Connect, link and see your customers profiles on social media. Share stories of them enjoying your product or service – and see who’s liking that post, who’s sharing it – are they potential customers? – A lot of this is automated – you don’t actually have to manually do it!
So back to last night – Great win for England… and now they’ve progressed to the next stage, to play Ukraine in Rome, let’s see which local businesses use their data to engage with their football loving customers!