Today we live and work in the experience economy, where “a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event.” Harvard Business Review
To understand your customer and develop a relationship you need data- and lots of it. Data is driving the development of the personalised experience economy. But most companies only have 1% of their customer’s possible data. While some companies have a lot more for example, each day it is estimated that Facebook generates over 1 Petabyte of data.
The vast majority of data about people is held in many different locations and repositories on diverse platforms and form diverse data sets.
Combining this 1% with other datasets through data sharing can provide huge benefits and unprecedented insights into a customer’s wants, needs and behaviours.
Exchanging data can be difficult, entwined in legal issues and fraught with privacy issues! But now there is a start-up that has the solution.
Data Republic has built an efficient and secure platform for exchanging data that has an inbuilt trust framework and an API ecology that makes it the build and connection process straight froward.
Personalisation is a mantra I’ve heard a lot from various boardrooms and executives over the last three years. It’s a strategy which centres around an old adage that ‘the customer is always right’; ‘give the customer what they want and they will beat a path to your door’, or even better, stay with you for life.
Paul McCarney – CEO, Data Republic
Data Republic is a business that is obsessed with data and meta-data and how to create personalised experiences for customers. Paul McCarney and his team have built a service using three principles:
- Privacy: Maintain the integrity of individual consumer’s data and their ‘privacy relationship’ with companies
- Security: Data needs to be protected and feel secure, Clients that use Senate (the Data Republic platform) benefit from security and privacy by design.
- Governance: The companies clients (Republicans) have complete control over who has access to their data, how and when it can be accessed.
Data Republic have built a world leading data technology platform with a built in trust framework that will enable:
- Companies to efficiently, safely and ethically exchange data to better serve their customers.
- Data Analytics Partners to provide clients with higher fidelity insights that can be executed with confidence.
- Consumers to be confident that their interests are being prioritised and that they have the ability to opt out if they choose.
Data Republic are start-up currently based in Stone & Chalk, a Fintech incubator based in Sydney. Visit their website here