Posted on: Monday 20th of January 2014
MyWave is a new service designed ‘to turn the old world of CRM on its head’. Launched by former US president of SAP Geraldine McBride, MyWave is a CMR – or Customer Managed Relationship – platform that “puts the customer in charge of their data and the experience”.
Putting the customer in charge of their data and their experience of dealing with organisations is a core theme of Ctrl-Shift’s Personal Information Economy 2014 event on March 20.
We asked Geraldine to explain the thinking behind her initiative.
1. What’s the big benefit your service is designed to offer?
MyWave has two major benefits:
1. For the consumer or customer, MyWave is a personal assistant or concierge in their daily life, making life easier and assisting them to achieve their dreams and goals. A person is able to easily signal their real time intents, needs and preferences to their favourite brands to get what they want, when they want it. It puts the customer in charge of the relationship. They own their own data and share more about themselves with their favorite brands in return for getting mutual value. We deliver this through simple, intuitive mobile applications powered by the MyWave CMR (Customer Managed Relationship) Platform.
2. For the enterprise brands, MyWave enables a direct segment of one relationship with their customers. No need to infer or guess what your customers want or when they want it – timing and context is everything! You know their preferences, needs and real time intents around what they want to do next. Through opt in the customer is sharing this with the brand, creating new relationship’s of mutual value. For the enterprise, this saves millions of dollars in wasted generic offers and irrelevant ads. MyWave CMR enables relevant, timely promotions, creates real leads for any size business, facilitates the curation of relevant content and experiences, lowers the cost to serve and more importantly you are building a real relationship with your customer based on mutual value.
2. What inspired/motivated you to start doing this?
I have been involved in automating global enterprise value chains for the past 17 years including CRM and no one has really cracked the concept of being truly customer driven. The last mile of railroad track has not been laid, empowering the customer/consumer and the enterprise brands to have real, interactive, permission based relationships creating new mutual value.
There has been a shift where there is more power in hands of the customer than ever before through mobile devices, personal clouds, the millennial generation who are social digital natives looking for new authentic experiences, the advent of the experience economy where customers are prepared to pay a premium for great new fresh experiences.
The challenge is many businesses are layering new technologies over old world business practices dating back 130 years to the Industrial Revolution. This creates the much-publicized issues of pervasive; interrupt driven spam ads and offers, privacy questions and the feeling of being stalked through enterprise surveillance and personal data acquisition without customer permission or knowledge.
Joe Pine (author of Experience Economy) and Doc Searls (author of The Intention Economy) have also been part of our inspiration and are part of contributing to MyWave.
3. How big is the market opportunity for your service?
Significant, we are relevant for any industry and any customer.
MyWave enables B2C, C2B and C2C relationships.
Gartner in 2012 wrote that it’s an emerging $3trn market – Consumer Nexus of Personal Cloud, Location, Social and Mobile. “My World, My Way!” Forrester wrote in 2013 “Marketers should explore the Personal Cloud as a new channel to reach customers”.
We are a young global business, initially based out of New Zealand and Australia but expanding into US and UK on the near horizon.
4. What is the business model? How do you/will you earn your keep
Our Business model initially is SaaS, but we see also opportunity for micro-transactions and enabling developers to work out more applications and MyWave use cases on the MyWave platform. We are very open and collaborative and look for synergies and network effects with our partners.
5. Where would you like to be in 3-5 years time?
A market maker in this space, CMR (Customer Managed Relationships) and a significant sized global business with a large MyWave ecosystem around us.
6. What obstacles will you need to overcome to get there?
We need to change the mindset away from the pure data mining, interrupt driven ad model to also enabling a context and intention based relationship driven model where the customer is empowered in their relationship with their brand’s products and services.
7. Have you got any more general thoughts or views about the changing personal data landscape you would like to share?
Only that customer empowerment, data utility, data ownership and privacy are four pillars that need to be addressed globally in the next generation of the internet.