The New Rules of Customer Data
Last night, eloquently supported by my colleague William Heath, I gave a master class on Volunteered Personal Information for the IDM (Institute of Direct Marketing).
My concluding summary was:
• We are in the midst of a once-in-a-century tipping point in the information flows in our society: from ‘top down’ (organisation to individual) to ‘bottom up’ (individuals to organisations and each other).
• Marketing as we know it was constructed around the assumptions and operational requirements of ‘top down’.
• Most of its current problems and constraints are a by-product of this heritage.
• In the course of organising and managing their daily lives – making and implementing decisions – individuals generate huge amounts of new, rich, accurate, timely information about who they are and what they want..
• An emerging industry of Personal Information Management Services (PIMS) is making it possible for individuals to capture and share this information.
• For this information to be shared on a mass scale however, three new ‘rules’ of personal data must be accepted: personal information is the person’s; the individual must have control over what information is shared with who, for what purposes; the individual has to derive a genuine benefit from the information sharing process.
• Once these rules have been accepted, multiple different types of VPI will begin to flow.
• Separately and together this VPI can help organisations cut guesswork, waste and costs, identify customer needs better and focus available resources on truly adding value: a ‘VPI value explosion’.
• Every organisation needs to develop its own VPI strategy.
If you want to find out more, get in touch with me at Alan.Mitchell@ctrl-shift.co.uk and I will send you a shortened version of my presentation.