As technology continues to be apart of our daily lives, from our news consumption, keeping in touch with friends, family and even customers, to our shopping habits, privacy continues to be hot topic of discussion.
Recently, Forbes Insights released the report “The Promise of Privacy, Respecting Consumers’ Limits While Realizing the Marketing Benefits of Big Data” Technology-infused data collection and analysis can provide benefits to both marketers and consumers. But fail to understand and respect privacy—and risk all.
The report discusses on the focus that, a small number of consumers care a lot about privacy, but the main concern consistently is security. Sellers should bear this in mind to provide the top of line customer service experience while maintaining ethically integrity to their consumers.
Business strategies utilizing customer data is becoming the standard of sales business practices. 42% of respondents sway they are not only utilizing significant amounts of this type of data of sales and marketing tactics, but they are also likely to expand their efforts and analytics within the next 4 quarters.
53% of B2C customers and 45% are more likely to share information when they perceive benefits, 85% of sellers agree that any significant breaches in customer data security would do a great harm to customer relationships, reputation and overall bottom
4 of 5 executives say their efforts are meeting or exceeding ROI targets. Companies are stating that they are becoming more successful in using big data collection and analysis to assist with product development, pricing, and call center operations. As well as, more optimized marketing spending as well as product and service pricing.
C&M Software offers The RCK888 Platform, an integrated paas that uses analytics to make sense of big data for our customers. The software focuses on privacy, security, and market leading performance to increase the bottom line for our clients.
Internet users have habits in which they engage online; this data accumulates on every medium, every second of the day.
As business and society evolved at a phenomenal rate, customer relationships diminished to a less than intimate level. In today’s information age business owners are slowly regaining customer data, habits, and preferences on a massive scale.
Everyday data increases at a phenomenal rate. Emails, video content, website views, key strokes, social media posts, geo tags, cookie tracking, unique coupon codes, call center activity is developing at a rate of 3.2 Terabits per minute worldwide. Businesses know this is occurring but the do not have the capability or capacity to process all of this data to enhance the customer experience, and overall increase their bottom-line. This identifying customer information can be aggregated from browsers, mobile, or social media with analytics and business intelligence tools.
Forbes Insights has released a report discussing the subject of data, privacy, consumers, and mutual seller customer benefit. Within this report, it was revealed that a 46% of the respondents are unsure of how to process customer data in a meaningful way, or their analysis and strategies are inapplicable and perhaps inappropriate for their industry or its customers.
Surprisingly, the size of the company had little or nothing to do with the data analysis process...
Equally smaller less than $1 billion and over $10 billion are using and analyzing customer data
Consumer privacy, also known as customer privacy, involves the handling and protection of sensitive personal information that individuals provide in the course of everyday transactions. This involves the exchange or use of data electronically or by any other means, including telephone, fax, written correspondence, and even direct word of mouth.
With the advent and evolution of the World Wide Web and other electronic methods of mass communications, consumer privacy has become a major issue. Personal information, when misused or inadequately protected, can result in identity theft, or misrepresentation of a consumer.
Sellers and customers agree that there is value in sharing personal information.
"Ultimately it is the customer who should be receiving the most value of the exchange. 55% of the respondents agree that “companies are tracking my personal information owe me some form of commensurate benefit.”
Regarding personal and private data collection sellers are aware and maintain responsibility for customer; it is their responsibility to protect customer info and financial data. Not only di the majority of respondent say this was their responsibility but the reasonability of informing customers as to how their data is being used.
The Benefits for Sellers includes greater loyalty, more effective marketing strategies, optimal media spend, better pricing, and better predicative capabilities.
Overall, there is a mutual benefit from customers sharing personal information correlating to the better more customized product offering and services from these sellers
Who benefits from Big Data?
This data is valuable to a seller or business to improve performance and the overall customer experience. This insight may also be able to provide information regarding the general perception of a brand.
Companies with efficient procurement and customer service such as Zappos employ analytic tells that integrates data collected, financial and inventory data onto on simple platform which also analyses such data to provide a more holistic view of the synergistic relationship of the customer and the business
How can C&M Software help your Business?
4 of 5 executives say their efforts are meeting or exceeding ROI targets, 25% of respondents are saying their efforts are falling short.
The benefits of customer data collection for organization represent an increase of 64% product development, 47% fulfillment, 64% pricing, and 57% call center operations, Arriving to the conclusion that data is valuable, and can be beneficial for a seller in the B2B or B2C realm.
The ways in which to improve the customer experience with data tells a seller if the behavior f a customer would dictate website aesthetic changes, or customized landing pages specific to the customer and past purchase behavior
Our tools can identify anything that could prevent a customer from finding a product or service they like. This instant feedback provides opportunity to sellers to see how receptive customers are to products, prices, availability, brand, and time listed for example.
Topics of interest may be posted on customers LinkedIn or coupons relating to frequently purchased item sent directly to the customers email.
These efforts lead to better products, better service and money and time savings for their customers. B2B customers tend to want more price benefits requiring less time-along with better overall channel experiences.
The RCK888 Decision Solutions Platform can fulfill the concerns of consumers, and provide smarter enterprise decisions for sellers and organizations.