Voice Recognition Software is one of the biggest trends and growth areas in tech. There is a huge future opportunity to integrate VOC into CRM to create real-time applications; whether that be helping us mere mortals make decisions or making chatbots smarter.
Another pointed example of data being used to stalk consumers rather than serving their needs is ecommerce dynamic pricing. So it goes that prices can be manipulated based on interest in certain products, fares or insurance using behavioural data, search history and cookies. The incidence of this tactic is still contested by affected industries and retailers, so let’s just say that it is technically possible. The point is that companies are utilising data to operate opaquely. This results in mistrust. Mistrust leads to savvy users gaming the system, clearing caches, cookies, or using blockers and VPNs. All of which feels like a zero sum game between consumers and businesses. Our goal is to create a sustainable win-win.
Privacy is one of the fundamental rights of individuals. We are not yet in a place where consumers are really aware of the potential negative implications of sharing their data in exchange for ease. Uber’s data breach will have raised doubts but not changed behaviours. Regulators and governments are taking steps, for example GDPR having far reaching implications for businesses across Asia that few will admit they are ready for.
Instead of reacting to the symptoms - or thinking Blockchain can solve privacy - businesses can instead seize on the problem, that they need to much more clearly establish a transparent code of ethics for sharing and analysis of data; taking that through all elements of governance including personal data, public data, ethical marketing and advertising.
Marketers have been distracted by their own needs for transparency in the media supply chain. With more checks and balances now in place, like programmatic guaranteed, they can get back to their consumers. If programmatic can be made to work for consumers in a regulated sector like pharmaceuticals, it can be made to work for everyone.
1) Set-up a data council with cross-departmental influence to establish transparency and trust and to negotiate rapidly changing ePrivacy landscape.
2) Invest in comprehensive VoC tools and programme, or if one already exists invest in ensuring the programme drives decisions beyond customer support.
3) Prioritise customer support as a revenue driver not as a cost-centre, as consumers demand instant connection and results which shape their brand patronage.
4) Incorporate customer feedback into each step of the customer journey and use positive and negative use cases to actively improve the customer experience
Developing a Single View of the Customer must incorporate VoC or vice versa. Don’t use data science overcompensate for asking and listening and don’t obsess about having all data at your disposal when the 40/70 rule can still be applied.