Data does not have a great deal of intrinsic value in isolation. Said differently—it’s what you do with data that matters. Collecting it is of little direct benefit when it’s simply stored to no end. Conversely, when it’s put to use in service of your business goals--and chief among those should be delivering the kind of personal engagement that makes customers more loyal and more profitable--companies can be transformed.
Whether you call it the “single view”, the “golden record” or the “canonical source of truth”, the idea that you can deliver a better experience to your customers if you have a better holistic sense of who they are, how they’re engaging right now and what they’ve done in the past is passed debate. No one can seriously contest it. The level of effort required, how to get there, and so on are the subject of ongoing and robust discussion. That’s appropriate.
According to a recent report from Russell Reynolds Associates, the turnover trend experienced by retail a year ago has spread to the Quick Service Restaurant category. 35% of CMOs have turned over at the top 20 QSRs in the last 6 months.
It’s the beginning of the glorious Independence Day weekend. Here in Boston, it’s particularly poignant. As I’m typing this I can look out the window on the Boston Harbor and easily imagine crates and crates of tea happily bobbing up and down in defiance.
A few stats courtesy of Spotify’s incredible “Year in Music” personal audit of my listening habits: