Posted on: Friday 26th of August 2011
In this month’s issue we highlight new thinking about the emerging market for decision-making services, looking at one example of how an innovative brand is helping its customers make better purchasing decisions. We also cover our recent research with large organisations involved in the Government’s mydata programme. This is all followed by a quick round-up of some interesting market news.
The Invisible market
In a series of blog posts we’ve explored the rise of the new market for information, tools and services that enable people to make better decisions. We’ve showed:
- how most organisations haven’t even recognised the existence of this new market yet;
- why this market is so important – it’s a market that changes the way all other markets work;
- why helping individuals make better decisions is both a much bigger and a more subtle challenge than is widely recognised; and
- how the shock waves created by this new market are only just beginning.
The new wave of user reviews
Reevoo is one example of the new wave of decision support services. It’s taken an ad hoc consumer activity – posting the odd review here and there – and turned it into a disciplined, structured process: carefully collecting reviews from only known buyers of products and slicing and dicing the resulting information in multiple ways to make it useful to both buyers and sellers. (Best Buy is the latest retailer to sign up to Reevoo’s service.)
According to Reevoo’s research, nearly 90% of respondents would not purchase a product before reading others’ opinions. That’s an indicator of how decision support services are changing individuals’ attitudes and behaviours.
If you haven’t seen Just Buy This One yet, do take a look. It short circuits the entire decision-making process by recommending just one product – the one winning the highest number of favourable peer reviews. This beta is a good example of the sorts of innovation we are likely to see over the coming years: it’s not just about helping individuals arrive at better decisions, it’s also about helping them improve decision-making processes – making them quicker, easier, more informative, more fun, reducing risk, and so on.
Mydata, new research
Over the summer we’ve been researching what the large businesses involved in the Government’s mydata initiative think about the programme and what they need to make it happen. We’ve spoken to over 20 organisations mostly in the finance and energy sectors as well as businesses that support these markets such as comparison sites and credit agencies. To read more about their perceptions regarding the key opportunities of mydata as well as their concerns, read our summary, Mydata: research with business.
We will be holding a one day workshop in November on the business opportunities and implications arising from mydata. This will be attended by major businesses across sectors – all of whom are focused on taking their organisations into an era of data sharing, using this capability to develop new services and offerings for their customers. Please email Claire Hopkins if you’d like to attend.
The OpenID Tech Summit will take place on 12th September 2011. The OpenID Connect protocol is likely to be set out at the summit. In the medium-term this will allow individuals to log into different web sites without ceding control over their log-in credentials. This is a key building block of the control shift.
In the US, online community platform Get Satisfaction has raised $10m in Series B funding, which it plans to invest in product innovation, distribution partnerships and the expansion of its service for global use. Get Satisfaction offers a forum for companies’ online conversations with their customers on subjects ranging from product development, marketing and PR, to customer service.
It’s excellent news that Facebook has announced a major revamp of how users control and manage their privacy on the site.
Join our community
To read our briefing papers and research including The consumer decision making revolution and Tracking the Control Shift, we’d love you to register on our website if you’ve not done so already and join our community.