The idea behind Share of Life is that online media and eCommerce brands now compete for their users’ personal data in a similar way as they compete for awareness and preference.
- Share of Mind: the strength of the brand’s awareness and image in the mind of the customer.
- Share of Heart: the preference and positive emotions associated with the brand.
- Share of Wallet: the proportion of dollars or euros spent on the brand
- Share of Life: the amount of his or her personal data that a user entrusts a brand with.
Personal data in this context is any data that define an individual and can be used to identify him or her: his or her IDs, email addresses , email content, posts, friends and professional connections, likes and dislikes, beliefs, opinions, behavior and experiences, pictures…
The value of Share of Life grows in proportion to :
- how much it can be used to better target users as consumers (Facebook), shoppers (Amazon), or as professionals (LinkedIn),
- how much customer lock-in it creates, for example in form of stored personal archive (Yahoo!, Facebook, Spotify, Flickr) or stored account details (Amazon, PayPal).
Online media and eCommerce companies should aim at collecting a significant Share of Life of their users, bearing in mind:
- legitimacy : focus on personal data directly related to the site’s mission in order to increase customers’ trust and their likelihood to contribute,
- return: use personal data to return tangible value to customers, for example in form of recommendations; don’t collect data unless you can return value from it to the corporation and/or to customers,
- maintenance : don’t collect more data than you/your users can maintain.
eCommerce sites should start growing their customers’ Share of Life by offering them better customer account management.
More details in related post