Customer data negotiations is a technique used to strike a valuable bargain between personal information owners and information buyers for the purpose of marketing or advertisement. A third-party known as an “infomediary” will serve as a mediator between the information buyers (vendor) and customer information owners.
Personal information owners are usually unaware of their right to personal information. Marketers take advantage of customer ignorance and use their data without any permission or values for the information owner. The infomediary recognises that there is value in the use of personal data and providing the opportunity for consumers to monetise and profit from their own information.
To enable this technique and manage customer information more effectively , the following will guide you through the process:
- Know your customer – understand the needs, wants and preference of your customer. Build detailed information profiles for each customer.
- Customer shield – unwanted marketing campaigns are frustrating and often cause customer dissatisfaction. Prevent customers from experiencing unwanted intrusion, but alert them to product and services that truly meet their needs.
- Infomediary solution – help customers get as much value as possible from their information.
- Foster the use of technology – profile and privacy tool to help protect customer information and build detailed information respectively.
- Market the customer willingness to trade their personal information for ads and other marketing activities.