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Addressing fundamental shifts in value

Posted on: Monday 26th of September 2016

This Thursday September 29 over 400 delegates will gather to learn about and share insights on how to achieve growth through trust in the personal information economy.

A wide range of organisations will attend from all sectors. They include AA, Acxiom, AIG, Aimia, American Express, AVG, Banco Santander, Barclays, BBC, British Airways, BT, Callcredit. Capita, Citizens Advice, Competition and Markets Authority, Department of Business, Energy and Industrial Strategy, Discovery Channel, Dixons, dunnhumby, EDF, Ericsson, Experian, Facebook, Financial Conduct Authority, GBG, Government Digital Service, HSBC, Internet Advertising Bureau, Information Commissioners Office, ITV, John Lewis, La Poste, Lloyds Banking Group, M&G, Mercer, Moneysupermarket, NEC Group, O2, Omidyar Network, Omnicom Media Group, Open University, Pearson, Post Office, RBS, Red Bull, SABMiller, Saga, Sainsbury’s, Schroders, State of Jersey, Suncorp, TechUK, Telefonica, Telenor, Tesco, The Economist, Timpson, Twitter, Uber, Unilever, Universal Music, Verivox, Verizon, Virgin Red, Visa and the World Federation of Advertisers.

These are the lucky ones: they have the opportunity to stay ahead of the game as the information age unleashes far-reaching change in competitive dynamics.

 

Strategy Shift

At a Ctrl-Shift client dinner last week, Kirsten Dunlop Executive General Manager, Strategic Innovation at Suncorp, observed that every company represents a bundle of assumptions as to how the economy works and how to find your best place within it. Today these assumptions are being turned inside out and upside down.

From data hoarding to data sharing In an era of data scarcity, treating data as your crown jewels – gathering as much as you can and protecting it jealously – made sense. But in today’s world of data ubiquity, no matter how much data one company hoards, far more data will always be generated beyond the organisation’s boundaries – data that enriches an insight or completes a picture. In this world, data hoarding strategies are counter-productive while trusted data-sharing opens up rich new opportunities. That’s a critical commercial, legal, process, infrastructure and strategic shift in priorities.

From data as a corporate to a customer asset         In the early days of the information age, data was so expensive to collect, store and process that only large organisations could afford to do it. That created the assumption that customer data is a corporate asset, collected and used by corporations to help them achieve their goals. But today, the richest seams of new value are coming from the opposite end of the spectrum: helping customers deploy their own information to help them achieve their goals. That’s another major shift in commercial, innovation, process, infrastructure and strategic shift in priorities.

From product trust to relationship trust        In the industrial age, massively successful brands were built applying a few basic rules: offer high quality, good value and safe products that honestly meet a consumption need, by ‘doing what it says on the tin’. In that era, marketers talked about building relationships with customers but it was largely hot air because all the processes marketers used to do so were top down and one way: the exact opposite of a real relationship which, by definition, requires two way information exchange. In a world where data sharing is key to value creation, the focus of trust shifts from product integrity to relationship integrity. Not just expertise trust (‘will your product do what it promises?’) but motive trust too (when you access my data will you use it in my interests?)

Ctrl-Shift’s conference this week is all about these fundamental shifts in what value looks like and how it is created: how to achieve growth through trust. We look forward to welcoming all delegates to what will certainly be a rich and valuable information exchange.