Posted on: Monday 24th of November 2014
Meeco is a new PIMS launching a capability to enable sharing rich-data through a user-centric platform. We asked Meeco’s CEO & founder Katryna Dow to tell us about her initiative.
Around us we see tectonic shifts in the global economy and the focus on big-data. Out of the chaos a new market is emerging; one that places individuals and citizens at the centre of the data centric market, what Tim Berners Lee refers to as rich data. Whilst governments and business are tackling the issues of personal identity, open data, privacy, crypto currency and the Internet-of-Things, new services designed to solve these problems head-on are directly involving citizens and customers.
Whilst there are many challenges, particularly around identity and data ownership, there are equally compelling opportunities to create a new market of ‘Shared Value’. In this marketplace the focus shifts from ‘yours and mine’ to the power of ‘ours’. We see significant scope to unlock new value and manage cost through the permissioned exchange of personal data”.
Citizens and individuals are beginning to understand the immense value and importance of their personal information in what Meeco refers to the ‘MeEconomy’. In just the last few years we have seen the erosion of confidence in how personal data is used by organisations and governments around the world. At the same time customers are looking for experiences that are intimate and respectful, demonstrating an understanding of their unique needs and desires.
The result is increased demand for transparency around how personal information is collected and used. People are also starting to look for opportunities to manage and be informed by their personal data, along with sharing it for trusted transactions. For progressive organisations willing to differentiate by participating in this exchange, there are significant efficiency and economic benefits.
The Tipping Point
Futurists believe that humanity is at a tipping point. The amazing potential for the Internet-of-Things to liberate mankind is tempered by the threat that the same data and machine intelligence could be used against us, the vision of which, is played out in almost every sci-fi book and film of the past twenty years.
But there is also an overwhelming optimism that humanity already has a solution that will shape the world we want to live in. Our selves.
“The data we are putting out into the world is building a very powerful picture of who we are and what we are likely to do. Everyone and everything is becoming a source of real time, deep data.” ~ Gerd Leonhard
Data has become the catalyst by which modern businesses are able to grow, yet at the same time, the growing lack of consumer trust and how their data is being used, is eroding existing business models. The time is right to propose a new kind of business model, one that honours the individuals right to personal sovereignty, is based on trust and enables the data economy to thrive.
Meeco is attempting to build a bridge that links real-time permissioned customer data with business and government through a peer-network that secure, private, transparent and trust based; a platform where all participants can benefit.
Citizen as Marketplace
Today’s citizen, client, customer and consumer is a marketplace in their own right. Beginning to see individuals as a unique ‘node’ in a new type of sharing-economy offers immense scope for new value. Viewed from this perspective individuals bring to every interaction the data they generate together with the markets they participate in. Think customer as partner, marketer and distributor. The combined wealth of data created through connected devices, personal data and social networks will provide individuals with deep personal insights into their needs and intentions. This insight can be shared to inform organisations on how to best deliver products and services. Enabling individuals to collect and gain insight from their data means more informed decisions and the ability to actively participate with their service providers.
The Segment of One
Marketers have long sought the holy grail of customer engagement: the segment of one “micro-segments that target each customer uniquely, allowing the companies to convert visitors into long-term, high-value customers at very high rates.” (Reference: Inc.com).
Today, businesses are building data silos based on the usage and profile information extracted from online channels, marketing activity and CRM. Increasingly, this data is being augmented through grey channels such as big data partnerships, content scraping and data brokerages.
Consumers are becoming more informed and disenfranchised in the knowledge that their personal information may be used without context, that their profiles are being traded without their knowledge, that their online activity is unfairly shaping their digital identity. As a result, people are looking for more empowering alternatives.
A user who is able to manage their own personal information and can permission it on their terms makes visible a true Segment of One. Meeco solves this problem by providing people with the tools to capture, store, gain insight and share their data with business, governments and other individuals on their terms.
Meeco has been specifically designed to make the ‘segment of one’ a viable and commercial reality.
MeCommerce is Shared Value personified
A shared value economy benefits everyone.
As Meeco is an advertising free platform, it is designed for direct collaboration between individuals and organisations. Through the Meeco platform, businesses can invite their customers to participate in a data exchange to enable more tailored experiences for products and services. Meeco enables businesses access to accurate, real-time data, plus a new rich-data set of context and intention. This approach can be used to reduce operating costs, develop new product lines, and when implemented correctly, can dramatically increase the lifetime value of the customer relationship.
Through Meeco we want to empower society to use data to shape the world we want to live in, to find a balance between the evolution of technology alongside our humanity.
Helping citizens and customers understand how data shapes their world, also empowers them to participate in shaping the world they want to live in, providing them with the tools to signal their needs. Individuals decide who has permission to use their data together with the insights gained from preferences, devices and wearables. Meeco sees that the optimal time for data exchange for shared value is when the data is accurate + real-time + in-context and includes intention.
By declaring intentions in advance the opportunity to receive appropriate marketing and services is significantly improved. Individuals are able to specify how they want to be engaged, preferred methods for communication, level of engagement, removing the guesswork for organisations.
As individuals begin to control and share data and preferences the opportunity to move from ‘surveillance to collaboration’ will result in new business models, deeper insights and shared-value. Most importantly, it has the potential for customers to participate in shaping the transformation.
Meeco is available now for iOS and Desktop.
Learn more about our solution for businesses at meeco.me/business