Customer's New Voice: Extreme Relevancy and Experience through Volunteered Customer Information
Find out how to reap the benefits of motivating and engaging the new, direct customer voice
The Customer's New Voice shows businesses how to motivate and transform directly volunteered consumer knowledge into profitable insights, enabling a new echelon of marketing relevancy, customer experience, and personalization. With a deep look at the inner workings of how a modern generation of business innovators are tapping into the fresh opportunities with the customer's new voice, this book describes how businesses are transforming "inference-based" predictions of purchase intent with direct consumer knowledge of their actual intentions and buying context. The result: An untouchable/unprecedented level of offer relevancy, experience, and personalized service levels.
Those offers range from the most basic app model of "Give me your physical location, we'll find the best Thai restaurant near you, and give you an instant coupon" to a more complex model such as an Electric utility value proposition: "We'll give you discounts to charge your Prius during certain times to help us optimize our grid efficiency while allowing Toyota to monitor and optimize your battery to enable Toyota's R&D and customer experience enhancement." Forty case studies detail proven approaches for directly engaging the new consumer, showing companies how to take advantage of rapidly evolving personal technology—smart phones, homes, vehicles, wearable technology, and Internet of Things—and the new sharing culture to collect the higher value "intentionally/ discretionarily" shared information. Readers gain access to a robust tool set including templates, checklists, tables, flow diagrams, process maps, and technical data schematics to streamline these new capabilities and accelerate implementation of these transformational techniques.
Ninety percent of the data that businesses use to determine what they sell or how to personalize a customer experience results from consumers unintentionally volunteering "indirect" data; however, this type of data has less than 10 percent accuracy. This low effectiveness also necessitates up to 70 percent of a business's cost infrastructure. Direct consumer knowledge is now available and boasts up to 20-50 percent accuracy, yet businesses remain anchored in the old "indirect" competencies. This book helps companies integrate compelling sharing motivators and controls for consumers to feel motivated and safe about directly sharing their product and experience desires, providing the ultimate market advantage.
- Learn how to catch up to the new digitalized consumer
- Leverage direct consumer information from current megatrends
- Navigate privacy's current and future metamorphosis
- Unlock the untapped value of Big Data's true enabler—Little Data
Parsing "incidentally" volunteered data has been stagnant for decades due to the capabilities and expectations of a new generation of enabled consumers
The timeless reality is that any level of investment in computing power, data, and analytics will never approach their full ROI potential without interfusing the direct, intentional insights from the consumer. If today's forward-thinking companies want to profitably engage the new consumers, they must learn the secrets of motivating and safeguarding this new potential of customer transparency. The risks of not engaging these new consumer voices? Irrelevancy and Silence. The Customer's New Voice shows businesses how to fulfill the promise and caveat of the new consumer: "If you make my life easier, reward me, and respect my shared information: I will tell you my secrets."
There still is a growing trend for individuals in most generations to reveal their physical locations in order to receive some type of text alert for discounts or location-specific offers. A recent survey found that 31 percent of individuals are at least somewhat interested in receiving such texts, which was a 5 percent increase from the previous survey. In addition, 10 percent were very interested in receiving text alerts, which was an increase of 5 percent from a previous survey. Fifty-three
to Be Forgotten, and ban on profiling). Governments in different regions around the world have been quite active in attempting to address the increasing challenge of managing privacy and balancing corporate interests. The following time line lists some of the major personal information legislation that is in progress for this decade to date. As the time line indicates, advances are being made in giving the individual more control and rights over both incidentally and intentionally volunteered
the company doing the giving. Such flattering jive is the exception to the rule of subordinating individual customers to the imperatives of scale. This is why you still hear sales and marketing people talking about “targeting,” “capturing,” “acquiring,” “controlling,” “managing,” and “locking in” customers as if they were cattle or slaves. The mentality behind this talk not only dismisses customers' individual differences, but also their ability to contribute more to a business than cash and
question for incidentally volunteered personal information is that if businesses are going to pay $54.91 for a click on “insurance” with a high degree of uncertainty, what would they be willing to pay directly to the consumer for intentionally volunteered personal information, which provides a far higher degree of certainty relative to the consumer’s insurance needs? This inversion of the search industry will likely evolve over the next stage. Interesting note: “Cord blood” (20th top keyword)
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