Customer''s New Voice - Extreme Relevancy Experience Through Volunteered Customer

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."

List of contents

Foreword xv
 
Preface: New Voice, New Competencies xix
 
Acknowledgments xxi
 
PART I DAWN OF THE NEW CUSTOMER 1
 
CHAPTER 1 New Information Masters 3
 
Informed 4
 
Sharing 4
 
Mobile 4
 
Future Masters 8
 
Notes 12
 
CHAPTER 2 Power and Transparency 15
 
Absolute Power 15
 
New Transparency 16
 
Note 19
 
CHAPTER 3 Age of Sharing 21
 
Historical Sharing Tools 21
 
Sharing Statistics 22
 
Intentional versus Incidental 26
 
Value of Intent and Context 29
 
Science of Consumer Sharing 30
 
Notes 42
 
PART II NEW VOICE INNOVATORS' WIN?]WIN 45
 
CHAPTER 4 Yesterday's Indirect Information Model 47
 
Yesterday's Model 47
 
Legacy of Indirect Information 50
 
Privacy Not 53
 
Notes 57
 
CHAPTER 5 Emerging Customer's New Voice Business Information Model 59
 
Customer?]Direct Information Model 59
 
Forces Driving New Voice Engagement 62
 
Direct Competencies Required 66
 
Unlocking Consumers' Intent 71
 
Notes 96
 
CHAPTER 6 Today's Customer's New Voice Vertical Industry Innovators 101
 
Industry Innovators (Vertical) 101
 
Notes 143
 
CHAPTER 7 Horizontal Industry Innovators 147
 
Collaborative Consumption (Sharing Your Stuff) 147
 
Quantified Self 151
 
Wearable Technology 155
 
Mobile Health 156
 
Internet of Things 166
 
Triangulated Personal Information 168
 
Sensor Technology 168
 
Virtual Reality 178
 
Augmented Reality 179
 
New Customer Information Industry (Consumer as Stakeholder) 182
 
The Customer's Voice 209
 
Notes 210
 
CHAPTER 8 Practical Guide: How to Leverage the Customer's New Voice Today with Dr. David Schrader 213
 
Scenario 1: Jeff's Shopping Trip 213
 
Scenario 2: Jill's Grocery Shopping 214
 
Overview 215
 
Strategy 216
 
Marketing and Sales 220
 
Customer Service 224
 
Information Technology 228
 
Notes 233
 
PART III ENGAGING TOMORROW'S NEW VOICE 235
 
Notes 238
 
CHAPTER 9 How Consumers Will Buy Tomorrow 239
 
Selling Reincarnated as Buying: New Buy/Sell Process 240
 
Advertising Inversion 245
 
Notes 248
 
CHAPTER 10 New Privacy 249
 
Government/Advocacy Personal Data Initiatives 251
 
Pivotal Personal Data Protection Initiatives 257
 
Pivotal Business Event Time Line 271
 
Notes 275
 
CHAPTER 11 Future Consumer Data Ecosystem 277
 
Consumer as Information Stakeholder 277
 
Mature Consumer/Business Information Sharing Models 278
 
Walking through the Model 279
 
Three Key Components Enabling the Personal Data Ecosystem 283
 
Frameworks: The Major Ecosystem Governance Mechanism 284
 
Volunteered Customer Information Service Characteristics 289
 
Personal Information as a Sovereign/Monetized Asset 291
 
Personal Data Ecosystem 294
 
Notes 304
 
About the Author 305
 
Index 307

About the author

JOHN S. MCKEAN, author and executive director of the Center for Information Based Competition, provides thought leadership to businesses to achieve a mastery level of customer information and interactions ranging from human-to-human to social network and mobile conversations. McKean also created and moderated Teradata's largest online global community for Big Data, B2C/B2B Marketing, and advanced web analytics.

Summary

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.

Product details

• Authors: Dan Bachrach, John J McKean, John J. McKean, John S McKean, John S. Mckean, John S. Bachrach Mckean, Js Mckean, McKean John S.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 14.11.2014
• EAN: 9781119002321
• ISBN: 978-1-119-00232-1
• No. of pages: 352
• Subjects: Social sciences, law, business > Business > Management; Management, Wirtschaft, Kunde, Business & management, Wirtschaft u. Management, Spezialthemen Wirtschaft u. Management, Business & Management Special Topics