MarCom Professional

The future for customer data - a preview

Customer data has been an important part of the advice I give most of my clients for a long time - since I worked for Peppers and Rogers I have tended to suggest that it be called Customer Relationship Management or CRM.  

But that time is now moving into the past.  The future is about 'flipping' the control of customer data out of the hands of the corporation and into the hands of the individual.  

You and I both know that many organisations have our personal data - whether it is just logins to websites or fully comprehensive bank account and credit card details from vendors we use online and offline.   Do you have a complete list of these companies and websites?  Betcha don't.  I certainly don't.

 And so when something changes - you move house, for example or you decide that you no longer want your data to be held by a particular organisation or group of companies. you have to write individually to each to 'unsubscribe' or change or amend your customer data profile.  Which is frankly a right royal pain in the bum.

Early days yet - but a possible change is for you to hold all the data about yourself and for companies and organisations that want to have a relationsihp with you to come to a private place online that you control and manage and to"collect" your data there for their purposes - with your permission.  And so if you change something, you update in ONE place.  And if you change your mind about a company and you no longer want their newsletter, you go to one place and change their permissions - maybe letting them know automatically in the process why you did or what they did to make you alter your view of them and their brand.

Sounds good?

It is called Vendor Relationship Management.  VRM.  

And the principles are still being worked out by some of the leading minds of the online age - Doc Searls and Adriana Lukas.  I am working with Adriana on the London end of the project.  

If you want to learn more, read this slide deck from Doc updating his "Cluetrain Manifesto" view of the world 10 years on... and explaining some of the VRM principles as he sees them

And Adriana's One pager about VRM post which states her future-gazing view of the future.

If you are a business here's a possible future for you

Imagine having your customers share with you what they like, want and think of you. At the moment, you are dependent on market research, which is like looking through a keyhole at the rich ‘user-generated’ world. Imagine being able to relate to your customers, consistently and persistently, where they contribute directly to your supply chain where it makes sense - whether it is R&D, product design, distribution and marketing. Interaction with them is modular, intuitive and user-driven freeing much of your resources spent on marketing and transaction cost.

And if you are a customer here's a possible future for you

The ability to manage and analyze your data will give you better knowledge about yourself, the kind of knowledge that is the holy grail of most companies’ customer data management. The awareness of your preferences, understanding of your needs will help you to articulate them easier and strengthen your position with vendors.

If you want to learn more about what you can do for VRM and what VRM can do for you - come to this workshop that I'm helping to run 

Tuesday April 15th, the theme is VRM and how it addresses (and hopefully redresses) the imbalance between individuals and their relationships with vendors, companies or institutions.