However, most of these are usually huge flops. Companies have lost a great deal of money in their marketing campaigns either because they did not understand consumers needs, or they are trying fix a non-existent problem, or still because they are targeting the wrong market. A good number of them do not meet consumer tastes. An example is the New Coke which was a massive flop despite Coca-Cola's attempt at producing a better version.
One of the antidotes to this ugly trend is the availability of consumers' data with which companies can know their behaviors and interests and therefore make crucial decisions. But this has proven to be an herculean task. The prevalence of spams have made consumers reluctant to give their personal data online. Even data given to a seemingly innocent site have usually been breached by unscrupulous data brokers. In a bid to protect themselves, customers give fake information in surveys, making the companies to have a wrong perception of their behaviours and needs. In several cases, data brokers have also created tons of fake consumer profiles and have sold them to companies.
Also, the new GDPR policy of the European Union has placed strict regulations on how people's data are handled, making it more difficult than ever to procure user data.
There is a need for a system where consumers can willingly give their data and expect tangible value from their ongoing relationship with a company, knowing fully well that their data is safe, secure and not abused. They will have full control of their data as they can change the permissions and revoke access to data collected on the system. This is what the PDATA platform offers.
The PDATA platform allows customers and companies to interact in real-time. The customers will be able to share their data and shopping behaviours with the companies directly without the need for a third party. The data shared is genuine because the customers are incentivised. Companies can be able to an analyze the data and make informed decisions.
This platform is very unique in that it has a working product, already being used by Fortune 500 companies such as Mercedes-Benz, Intel, Procter & Gamble and others.
In the next article, I will show how this platform works and how companies can use it to get access to authentic customers’ data. Stay tuned.
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