Customer engagement continues to evolve, and more change is inevitable.
One could question whether the answer of the customer is not more valuable than an algorithm.
In an information economy, access to data is critical, and consumer trust is the key that will unlock it. - Harvard Business Review
A customer managed relationship (CMR) is a relationship in which a business uses a methodology, software, or internet-capability to encourage the customer to set up and manage the nature and the duration of the relationship which he or she wants to have with the business. The customer decides which (type of) personal information he or she is willing to share with the business and for how long.
CMR can be viewed as an alternative to or as a logical evolvement of Customer Relationship Management (CRM).
The customer decides which (type of) personal information he or she is willing to share with the business and for how long
Customers should have access to their own information including their profile, transaction history, and any inferred information such as marital history and even behavior.
Customers should have access to this information across all departments.
The entire system should be designed with the customer's needs and feelings in balance with the company's needs and desires
CMR is the beginning of a next wave of change within organisations by addressing customer demand for more control.
It allows customers to choose how they wish to interact with the company
How they wish the company to serve them
To which extent they allow the company to access and use their personal data for this purpose
Customer Managed Relationship creates relationships with customers who feel that they are respected. It promotes customer loyalty and provides new opportunities of being relevant to customers.
The same line of thinking of Customer Relation management can be found under the title, predominantly used in the US: Vendor Relation Management (VRM).
The web use of the internet can be seen a shopping street where companies have an address and can welcome and receive (potential) customers. Customers can engage into transactions on the internet with those companies. They login every time again, in a vulnerable process where they leave a userid and a password and -with a transaction- also their credit card data.
The data of the consumer are locked in and not organised around the consumer. It seems that there are more and more forces to change this organisation of data and so-called customer lock-ins. Consumer organisations but also the governments step in.
We believe that this development unlocks a lot of value. The value of data of a consumer edited and controlled by the consumer is much higher than the data derived from secondary sources. Moreover, the value of a digital address of a digital consumer that is equal to a physical address and a natural person is so much higher than the current situation.