Customers are increasingly aware of the value of their personal data, but for now they’re willing to share it as long as companies offer something of equal value in return.
Customers are looking for a fair exchange – and defining exactly what constitutes fair exchange is the customer’s prerogative.
While scandals like Cambridge Analytica haven’t, as yet, dissuaded consumers from acceding to data requests from organisations, there is evidence to suggest that change is on the horizon.
We can expect a growing maturity in people’s perception of the importance and value of their data to businesses, and it may not be long before customers start to expect genuine financial recompense as part of the value exchange.
For the moment, trust is key, and there is a proven correlation between high-quality customer experience and trust. According to Molesworth, it’s time we broadened the debate about the factors that constitute an exemplary customer experience.
It is no longer about simplicity, ease and speed, it now has to include honesty and – most importantly – transparency.
In reality, this means clearly asking for consent to use data, ensuring customers understand how and when you are going to use their data, and giving them clear control over that use, with the ability to retract their consent at any given time.
Most of this is in line with current General Data Protection Regulation, but the key is making it easy for the customer to do.
AI chatbots and messaging apps are redefining the way companies are interacting with customers and providing new ways to sustain a regular point of contact.
The market for conversational AI is expected to reach at least $11 billion by 2023 6, but organisations should not see it as direct replacement for human interaction.
Even as the technology becomes more “natural” with time, humans will want and need to talk to other humans, particularly when they require help making complex purchases or decisions.
And that is the key: using AI to solve the simple, easy or repeatable workloads, and thereby freeing up your people to deal with more complicated challenges and provides that personal touch.
In Molesworth’s opinion, it’s impossible to forge an honest and transparent relationship with customers without direct human contact. He says,
“To go for that extra percentage point – and that percentage point is the difference between having the customer and not having the customer – you have to differentiate your service. And I think the human element supported by these tools [AI] has to be the point of differentiation.”
6 Forbes.com