In the ProjectVRM Standards Committee discussions, we’ve talked quite a bit about a “One Night Stand” use case, where a personal data store is used with an online retailer and all personal data is erased–as much as possible–after the transaction.
- Teleconference 2008 06 18
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- Face to Face 2008 October
The premise is simple: if users know they are safe giving personal data, they will give it more freely. Limits on long term data mining (and its attendant offensive behavior of junk mail, spam, and telemarketing) paradoxically increase data sharing and enhance the ability of vendors to provide more meaningful engagement at the moment of the transaction. Less long term data retention leads to more real-time data provided by users, resulting in better customer experiences, and more profit for vendors.
Now we have evidence of just how valuable that can be.
Jared Spool shares with us the real-world example of a redesign in the direction of the “One Night Stand” that created $300 million in value in the first year: [excerpt edited for brevity. see full article for details]
Now that’s real money.