Change is hard. But when up to 4% of global revenues are the fine for not changing, change becomes a little easier.
This is the reality for an enterprise conducting business in the European Union, if personal data is misused.However, the evolving regulatory landscape isn’t the only the only factor forcing change. Consumer distrust is high, particularly as it relates to organisations use of their personal data.
So the questions is, “how might we — just as the ownership of personal data shifts to individuals for the first time in digital history — build trust and create new value within a constantly evolving marketplace?”
Let me introduce the concept of the ‘Me2B Onion’ — the current paradigm through which the Me2B market is commonly viewed.Me2B is core to the business and engagement models of the future.Doc Searls, in his book titled The Intention Economy: When Customers Take Charge, asks powerful questions such as; who owns the marketplace? Is it business — or the customer?
In a Me2B world, the Citizen, backed by the data they own and provision in the ways they choose, is not only a new and key component of the value chain, they are also a marketplace in their own right.
What is the impact of this fundamental shift on our day-to-day business practice?
How might a business whose value has been built on its ability to acquire and make us of personal data, evolve and innovate to maintain a competitive advantage?What are the steps we must take to evolve?What are the steps we must take now?
These questions are but a slice of those that represent the Me2B Onion.Think about it like this; an onion has many layers. Starting with harsh, inedible outer layers that must be peeled prior to the onion delivering any value. Then, as the outer layers are removed, the onion begins to become more inviting. But, it’s only when you dice and cook the onion, or dice and pair the onion, does it reveal its true characteristics. In it’s finest form, caramelised onion can be a masterpiece — the perfect accompaniment to a multitude of cuisines.Now think of the current state of the Me2B economy as the outer layer of the onion. This is where the market exists now. Each layer of the onion represents uncertainty, risk and opportunity.
This is our starting point. But, we most certainly don’t want to remain here. We want the caramelised onion — the onion that is the perfect accompaniment to a new strategy, business model, product development or customer experience. We want the thing that will enable us to empower our customers and create an array of new, highly personalised value, at scale.
Now the question at large is, “how might we go about peeling away the first, second and perhaps even the third layer of the Me2B Onion so that value begins to present itself?”
This is exactly where Meeco Labs enters the equation.
Meeco Labs, a program for enterprise and government to work with real customers, their data and the Meeco Platform. It is the first step towards peeling away layers of uncertainty and risk to expose new business and customer value.
As one of the first global Life Management Platforms, Meeco is uniquely positioned to help organisations, particularly those in Europe, build new levels of trust and engagement with customers, whilst innovating beyond compliance.
With 95% of program participants wishing to continue to use the Meeco Platform to share data with the organisations they trust, the inedible, outer-layers of the Me2B onion are beginning to peel away.
Meeco Labs, although an incredibly valuable part of the process, isn’t an end point. Insights garnered throughout the program — those that lead to new products, services and customer experiences — are the goal.
Our team is focussed on ensuring that each and every tailored Meeco Labs Program delivers shared value, to the customer or citizen participants, along with the sponsoring organisations we work with.
This is the pathway to new models. It all starts with the first layer.
Nathan, Head of Experience & Meeco Labs, Meeco
Thank you Thad Zajdowicz for the *Onion image via Flikr - Public Domain Use