Customer's New Voice: Extreme Relevancy and Experience through Volunteered Customer Information - Hardcover

McKean, John S.

Hardcover

ISBN 10: 111900232X ISBN 13: 9781119002321

Publisher: Wiley, 2014

Synopsis

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."

About this title

From the Back Cover:

Praise for Customer's New Voice

"Customers now have both the tools and desire to engage in a deeper exchange of value beyond yesterday's simple transactional focus. Customer's New Voice is an indispensable guidebook to taking advantage of this emerging opportunity. In a world of big data and statistics, this book shows how to know exactly what a customer wants and why, and what it means for the future of consumer data."
—Bob Page, Vice President, Partner Products, Hortonworks; former Vice President, Analytics Platform & Delivery, eBay; Senior Director, Strategic Data Solutions, Yahoo!

"There's no greater insight than being told directly by customers and prospects what their needs and preferences are, but gaining their trust and demonstrating the value exchange is key if this data is to play a significant role in driving a high relevancy omni-channel customer communication strategy. Customer's New Voice provides a range of thought-provoking ideas and advice to help organisations drive even greater value from their data assets."
—Kevin Heggie, VP, CRM and Campaign Management Product Owner, Barclays

"Significant changes are coming with respect to the collection and analysis of customer data. We are entering a new era where volunteered data controlled by customers will dwarf the value of traditional inferred data. Businesses must earn the right to this new information while changing many current practices to leverage it effectively. Customer's New Voice provides many compelling examples of the changes that have begun and a valuable roadmap for achieving success in the new landscape."
—Bill Franks, Chief Analytics Officer, Teradata; author of Taming the Big Data Tidal Wave and The Analytics Revolution

"Customer's New Voice shows how companies can create engaging, customized experiences by listening — and responding — to the 'secrets' customers voluntarily share. John McKean provides a clear path for you to benefit from this new culture of sharing through embracing a rapidly developing ecosystem centered on innovative personal technologies."
—B. Joseph Pine II, author, Mass Customization, The Experience Economy, and Infinite Possibility: Creating Customer Value on the Digital Frontier

"The digital landscape has transformed customers' ability to share data on personal preferences. In Customer's New Voice, John again throws down the gauntlet to organisations, encouraging them to innovate with new products and services in response to the continuous wave of customer invitations to understand and enrich their lifestyles powered by the rapidly evolving personal technology ecosystem."
—Trevor Duke, Head of Business Intelligence, WHSmith (British retailer)

From the Inside Flap:

Today's digitized individuals have the ability and willingness to potentially share any information at any scale with anyone. This new connectedness has the potential for extreme levels of business performance and unheard of levels of customer relevancy, experience, and personalization.

Customer's New Voice gives businesses a hands-on guide for putting into play the opportunities that are possible with the "sharing" of discretionary personal information grounded in direct-from-consumer knowledge. Using direct consumer knowledge gives businesses the power to migrate from using ineffective indirect data (which has a 10% accuracy rate) to attaining a remarkable 90% accuracy rate.

Written by John S. McKean, Customer's New Voice is a comprehensive resource that offers the information and strategies needed to tap into the new consumer information ecosystem. To demonstrate the ecosystem's effectiveness, the author includes a wealth of illustrative case studies for executing direct approaches that have proven to engage the new digitized consumer.

The book's personal data ecosystem models maximize an individual's utility and value while optimizing profits for businesses and markets in a collaborative information economy. Savvy business leaders realize that maximizing consent and collaboration is the path to optimize revenue and profit. This includes individuals increasing their role in validating and editing their personal data.

McKean provides expert guidance for leveraging direct consumer information from current technological and cultural megatrends; for example, business cases and guides for migrating from in-house data versus direct consumer knowledge. He also includes information on how to support the incarnation of new digital consumer buying and selling. Customer's New Voice also contains a detailed map of how to catch up to the new digitized consumer as well as helpful graphics, templates, checklists, tables, process flow diagrams, and technical data schematics.

Customer's New Voice offers leaders an important guide for creating effective business competencies and new opportunities centered on direct consumer knowledge.

About this edition

• Publisher: Wiley
• Publication date: 2014
• ISBN 10: 111900232X
• ISBN 13: 9781119002321
• Binding: Hardcover
• Edition number: 1
• Number of pages: 352