A paradigm shift is underway in the evolving landscape of customer loyalty. At meed, we're embracing a philosophy that challenges traditional notions of data collection and usage. Inspired by Web3 principles, this approach prioritises data sovereignty and privacy while paradoxically enabling more effective personalisation. Let's explore how this works and why it's beneficial for businesses and consumers alike.
The Web3 Influence: Data Sovereignty
The Web3 community advocates for individual and organisational data sovereignty. This concept starkly contrasts the traditional Web2 approach, which often involves collecting as much personal data as possible. We've all heard the adage that on social media platforms, users are the product, with their data being the primary commodity.
meed's Approach: Behaviour Over Identity
At meed, we've applied this Web3 philosophy to our cloud-computed core platform. Our starting point is to keep personal data private. Instead, we focus on sharing behavioural data at a group level. This approach allows us to empower far greater levels of personalisation, both directly and through AI-inferred insights.
Benefits for Businesses:
Enhanced Personalisation: By focusing on behavioural data, businesses can gain deeper insights into customer preferences and habits, leading to more accurate and effective personalisation strategies.
Compliance and Trust: This approach aligns with evolving data protection regulations and builds trust with privacy-conscious consumers.
Broader Insights: Analysing behavioural patterns at a group level can reveal trends and opportunities that might be missed when focusing solely on individual personal data.
Consumer Choice and Privacy
Some businesses may still want to collect personally identifiable data (PID) like email addresses. Nothing stops them from doing this in their store, but the Meed platform does not share. Instead, we provide the conduit to send special offers by email to customers who say yes to this when they sign up. Any consumer using Meed can decide what PID they want to share, if any. This empowers consumers and respects their privacy preferences.
Educating Businesses: Wanted Data vs. Needed Data
One of our critical missions is to educate businesses about the difference between the data they think they want and the data they actually need. These are often different. Personal information like names and birthdates seems valuable, but behavioural data can provide more actionable insights for improving customer experience and loyalty.
The Bottom Line: Behaviour Matters More Than Personal Data
Ultimately, what truly matters for business success is not knowing a customer's name or personal details but understanding their behaviour. Customers' actions, preferences, and patterns provide valuable information for creating meaningful loyalty programs and personalised experiences.
Businesses can create more effective, ethical, and forward-thinking loyalty strategies by focusing on behavioural data and respecting consumer privacy. At meed, we're committed to leading this change, showing that it's possible to enhance personalisation while prioritising privacy.
We called it Anonymised Loyalty.
The future of customer loyalty lies not in collecting more personal data but in understanding and responding to customer behaviour in ways that respect their privacy and deliver genuine value. It's time for businesses to embrace this new paradigm and reap the benefits of a more ethical, practical approach to customer loyalty.
About meed
meed is the single platform delivering the loyalty people want while providing enterprise-level performance for businesses. We redefine customer engagement, challenging traditional loyalty programs.
With meed, businesses can drive growth and strengthen customer connections effortlessly through app-free functionality, real-time engagement, and top-tier security. Our rapid deployment of cutting-edge tools ensures businesses stay ahead with future-proof technology. meed sets new standards in customer retention and loyalty, delivering exactly what consumers desire.
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