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ROBERT WOLLAN | RACHEL BARTON | MASATAKA ISHIKAWA | KEVIN QUIRING
PUT YOUR
TRUSTIN HYPER-RELEVANCE
2 | Put Your Trust in Hyper-Relevance2 | Put Your Trust in Hyper-Relevance
Thirty miles may not seem like a big
deal to drivers of performance cars.
But when you’re trying to outrun a
hurricane, a 30-mile head start can
be a lifesaver. Just ask Tesla owners
who live in south Florida.
As Hurricane Irma roared toward the state
in September 2017, one Tesla owner from
an evacuation zone contacted the company
with a concern that the 200-mile range of
his 60 kWh Tesla Model S battery might be
inadequate for him to reach safety. Tesla
quickly responded by granting the owner
temporary access to the battery’s full 75 kWh
of energy, which translated into an additional
30 to 40 miles of driving range.1 Importantly,
the company also proactively unlocked
additional range for other Tesla owners in the
area who might also need the extra boost to
get out of harm’s way.
3 | Put Your Trust in Hyper-Relevance
It also demonstrated:
A commitment to meeting an
individual customer’s need
without hesitation.
The ability to use personal data
to deliver exactly what customers
need, exactly when they need it.
That the company is serving
their best interests and is there
when they need it most.
3 | Put Your Trust in Hyper-Relevance
THATDAY.
GOODTHING
TESLA DID A
Together, these characteristics engender a new level of trust
that will be the hallmark of business success in the coming
years. Companies that master them may not save the lives
of people running from disaster. But they may very well save
their businesses.
4 | Put Your Trust in Hyper-Relevance
Historically, companies have invested billions to personalize
their customer experiences. Traditional investments have
paved the way to the next level of personalization, which
infuses tailored experiences with customer intelligence.
Such intelligent personalization aims to address consumers’
demands for tailored experiences. Accenture Strategy
research shows, for example, that 48 percent of consumers
expect specialized treatment for being a good customer.2
Intelligent personalization also makes good business sense.
Thirty-three percent of customers who abandoned
a business relationship last year did so because
personalization was lacking.3 Retaining those customers
with personalized experiences would generate a
significant revenue boost.
Companies have a tremendous opportunity to
distinguish themselves with a more personal touch.
Today, only 22 percent of global customers acknowledge
that the companies with which they do business tailor
their experiences based on a deep understanding of
their needs, preferences and past interactions.4
Leaders of forward-thinking companies are making their
move. They know that as customer expectations evolve, so
must the experiences that their companies deliver. In fact,
73 percent of CEOs acknowledge the need for products,
services and experiences that are more meaningful to their
customers.5 Some of them are already preparing for next-
generation personalization. We call it hyper-relevance.
of CEOs
acknowledge
the need for
products,
services and
experiences
that are more
meaningful to
their customers.
IS ON THE
PERSONALIZATION
MOVE
INTELLIGENT
5 | Put Your Trust in Hyper-Relevance
Personalization today is often static and time-
lagged, delivered at the point of purchase and in
response to certain customer behaviors. Hyper-
relevance—like today’s digital consumers—is “always
on.” It is much more dynamic, constantly changing
and always available.
Rather than focusing solely on customers’
purchasing behaviors and preferences or relatively
fixed attributes, such as their address or number
of children, companies that offer hyper-relevant
experiences focus on understanding customers’
needs in a given circumstance and the evolving
context in which they make their purchase decisions.
Predictive analytics, artificial intelligence (AI) and
machine learning manifested through devices
such as digital assistants are all contributing to the
shift to hyper-relevance. They make it possible for
companies to achieve new levels of insight. Digital
advances also enable new services and touch points
that respond and evolve in real-time to a customer’s
changing circumstances.
HELLO,
HYPER-RELEVANCE
6 | Put Your Trust in Hyper-Relevance
To deliver hyper-relevant services and experiences
at speed and at scale, companies need two things:
Data about their customers
Because the design of hyper-relevant experiences is
based on a deep understanding of individual customers’
motivations and contexts, traditional data gathered from
website visits, social media posts or previous purchasing
histories is no longer sufficient. What’s needed is
information that is much more personal in nature. Real-
time health data transmitted via wearable biometric
technologies is one example.
The good news is that customers are no longer surprised
by companies’ interest in their lives. Nearly one third
of consumers expect the companies with which they
engage to know more about them.6 And two-thirds are
willing to share personal information with companies. But
there’s a catch. They will only do so in exchange for some
perceived value.7 If that value exchange—or the trust upon
which it is based—is broken, customers will walk.
Trust of their customers
Securing trust is a prerequisite to achieving the promise
of intelligent personalization. It is built up over a series
of interactions. Yet, it can be shattered in seconds.
Companies must counter that risk by constantly presenting
themselves as trustworthy, keeping their promises and
upholding their end of the value exchange agreement.
THE RELEVANCE COIN
TWOSIDESOF
7 | Put Your Trust in Hyper-Relevance
As the number of interactions companies have with
customers goes up, and as machines and digital
assistants play a larger role in capturing data and
delivering services, there’s a greater chance that
something will happen to cause trust to erode. Leading
companies are taking preventive action by updating their
data privacy and security practices. Regulatory agencies
and governments around the world have also taken
notice and are stepping in to ensure that companies
adhere to proper safeguards (see sidebar on page 8).
Consumers have taken notice, too:
Companies that heed their customers’ concerns
and shore up their trust quotient are more likely to
persuade customers to share personal information.
That, in turn, helps to inform the design of game-
changing hyper-relevant experiences.
believe it is important for
companies to safeguard the
privacy of their information.8
find not being able to trust a
company with the personal
information that’s been provided
to be a top source of frustration.9
would switch half or more of their
spending to a provider that excels
at personalizing experiences
without compromising trust.10
8 | Put Your Trust in Hyper-Relevance8 | Put Your Trust in Hyper-Relevance
In the aftermath of a data breach at credit reporting agency
Equifax—which put personal data of 145 million consumers
at risk—the US Congress is considering multiple bills that
would require companies to be more transparent about
security issues, notify customers of data breaches within
30 days, and freeze consumers’ accounts to make it more
difficult for hackers to use stolen financial information.11
And on May 25, 2018, the European Union will officially
enforce the EU General Data Protection Regulation
(GDPR). This legislation strengthens data protections by
empowering EU citizens to decide which brands can use
their personal data and for what reasons. Penalties will be
steep for those companies that fail to comply.12
Some business leaders will begrudgingly comply with
government or regulatory directives. Others, however, view
these actions as an opportunity to prove their commitment
to data stewardship. They will use new rules to rethink their
customer experiences and build a level of digital trust that will
set them apart in a market hurtling toward hyper-relevance.
CONTROL
CONSUMERS IN
9 | Put Your Trust in Hyper-Relevance
Companies that win in the era of relevance
not only maintain, but grow the returns on
their investments in products, services and
customer experiences. That’s because they are
able to continually change their experiences
to keep pace with the “non-constants” and
changing circumstances of consumers’ lives.
CAPTURING THE VALUEOF
HYPER-RELEVANCE
10 | Put Your Trust in Hyper-Relevance
1
2
3
Look beyond the traditional customer journey
Companies that distinguish themselves with hyper-relevant experiences look
beyond the traditional customer journey. They identify and prioritize those
areas where hyper-relevance can deliver added value and quickly address the
unexpected. What can we offer once we realize our customer has missed her flight?
Received a job promotion? Been forced to flee a hurricane? In these situations,
customers need different things and relevance becomes supremely important.
Rethink data
Hyper-relevant companies don’t rely solely on descriptive analytics or traditional
sources of information. They invest in predictive analytics, collaborate with an
ecosystem of stakeholders to capture real-time snapshots of every consumer, and
mine data in new ways to understand the customer journey that extends beyond
core products and services and across channels. In addition, hyper-relevant
companies redouble their data security efforts. They ensure customers have full
control of their data across touch points. They eliminate duplicate requests
for customer information and permissions. And they make sure all customer
data is secure and visible to employees on a need-to-know basis.
Earn trust continuously
Trust must be a key consideration when designing hyper-relevant experiences,
creating new customer value propositions, and serving as a critical resource
when customers need them most. A company’s commitment to delivering
the experiences that were promised and meeting customers’ expectations is
paramount. Hyper-relevant companies understand their baseline level of trust,
and eliminate issues or irrelevant offers that detract from the trust quotient.
They make trust sustainable by establishing a rigorous process and a robust,
cross-functional governance structure to continuously measure trust and
hyper-relevant effectiveness—and act on their findings. Most importantly,
they manage trust as the critical growth enabler it is.
TO PIVOT TO HYPER-RELEVANCE
WE RECOMMEND COMPANIES
DOTHREETHINGS:
11 | Put Your Trust in Hyper-Relevance
In their pursuit of loyalty and growth,
companies have pivoted from one-size-fits-all
customer experiences to more personalized
offerings and services. Now, leaders are going
one step farther. They are using new data in
new ways to achieve hyper-relevance. Along
the way, they are finding that the digital trust
consumers place in companies is as critical as
the data itself.
CONTROL GROWTH
BY CONTROLLING TRUST
11 | Put Your Trust in Hyper-Relevance
CONTACT THE AUTHORS
Robert Wollan
robert.e.wollan@accenture.com
Minneapolis, MN, USA
Rachel Barton
rachel.e.barton@accenture.com
London, United Kingdom
Masataka Ishikawa
masataka.ishikawa@accenture.com
Tokyo, Japan
Kevin Quiring
kevin.n.quiring@accenture.com
Minneapolis, MN, USA
JOIN THE CONVERSATION
@AccentureStrat
www.linkedin.com/company/accenture-strategy
NOTES
Copyright © 2017 Accenture
All rights reserved.
Accenture, its logo, and
High Performance Delivered
are trademarks of Accenture.
This document makes descriptive reference to
trademarks that may be owned by others.
The use of such trademarks herein is not an assertion
of ownership of such trademarks by Accenture and is
not intended to represent or imply the existence of an
association between Accenture and the lawful owners
of such trademarks.
ABOUT THE RESEARCH
In 2017, Accenture Strategy once again
conducted its Global Consumer Pulse research
to gain an understanding of global consumers’
preferences, beliefs and behaviors. The goal was
to identify how consumer sentiment is evolving –
and how companies can capitalize on that evolution
to achieve new levels of growth. Our Internet survey
of 24,877 end consumers in 33 countries was
conducted between June 1 and July 30, 2017.
Respondents were asked to evaluate 11 industry
sectors (up to four industries per respondent).
ABOUT ACCENTURE
Accenture is a leading global professional services
company, providing a broad range of services and
solutions in strategy, consulting, digital, technology
and operations. Combining unmatched experience
and specialized skills across more than 40 industries
and all business functions – underpinned by the
world’s largest delivery network – Accenture works
at the intersection of business and technology to
help clients improve their performance and create
sustainable value for their stakeholders. With
approximately 425,000 people serving clients in
more than 120 countries, Accenture drives innovation
to improve the way the world works and lives.
Visit us at www.accenture.com.
ABOUT ACCENTURE STRATEGY
Accenture Strategy operates at the intersection of
business and technology. We bring together our
capabilities in business, technology, operations and
function strategy to help our clients envision and
execute industry-specific strategies that support
enterprise-wide transformation. Our focus on issues
related to digital disruption, competitiveness, global
operating models, talent and leadership helps drive both
efficiencies and growth. For more information, follow
@AccentureStrat or visit www.accenture.com/strategy.
1
Justin Bariso, “A Tesla Driver Asked for Help to Outrun
Hurricane Irma. Here’s How the Company Delivered,”
Inc., September 11, 2017. (Note: All Tesla Model S 60
batteries were designed with 75 kWh battery capacity.
But many owners opted to use just 60 kw, which brought
the purchase price of the car down by thousands of
dollars. Tesla no longer produces its dual-range battery
vehicles since it found that most customers were willing
to pay more for the additional power.)
2
Accenture Strategy 2017 Global Consumer Pulse
Research.
3
Ibid.
4
Ibid.
5
Accenture, C-Level Vitality Survey, 2017.
6
Accenture Strategy 2017 Global Consumer Pulse
Research.
7
Accenture, Digital Trust in the IoT Era, 2015.
8
Accenture Strategy 2017 Global Consumer Pulse
Research.
9
Ibid.
10
Ibid. (Q501, based on respondents that rated
personalization with trust factor highest)
11
Laura Hautala, “Equifax hack may shake up US
consumer data laws,” CNET, October 20, 2017.
12
http://www.eugdpr.org/

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Put Your Trust in Hyper-relevance

  • 1. ROBERT WOLLAN | RACHEL BARTON | MASATAKA ISHIKAWA | KEVIN QUIRING PUT YOUR TRUSTIN HYPER-RELEVANCE
  • 2. 2 | Put Your Trust in Hyper-Relevance2 | Put Your Trust in Hyper-Relevance Thirty miles may not seem like a big deal to drivers of performance cars. But when you’re trying to outrun a hurricane, a 30-mile head start can be a lifesaver. Just ask Tesla owners who live in south Florida. As Hurricane Irma roared toward the state in September 2017, one Tesla owner from an evacuation zone contacted the company with a concern that the 200-mile range of his 60 kWh Tesla Model S battery might be inadequate for him to reach safety. Tesla quickly responded by granting the owner temporary access to the battery’s full 75 kWh of energy, which translated into an additional 30 to 40 miles of driving range.1 Importantly, the company also proactively unlocked additional range for other Tesla owners in the area who might also need the extra boost to get out of harm’s way.
  • 3. 3 | Put Your Trust in Hyper-Relevance It also demonstrated: A commitment to meeting an individual customer’s need without hesitation. The ability to use personal data to deliver exactly what customers need, exactly when they need it. That the company is serving their best interests and is there when they need it most. 3 | Put Your Trust in Hyper-Relevance THATDAY. GOODTHING TESLA DID A Together, these characteristics engender a new level of trust that will be the hallmark of business success in the coming years. Companies that master them may not save the lives of people running from disaster. But they may very well save their businesses.
  • 4. 4 | Put Your Trust in Hyper-Relevance Historically, companies have invested billions to personalize their customer experiences. Traditional investments have paved the way to the next level of personalization, which infuses tailored experiences with customer intelligence. Such intelligent personalization aims to address consumers’ demands for tailored experiences. Accenture Strategy research shows, for example, that 48 percent of consumers expect specialized treatment for being a good customer.2 Intelligent personalization also makes good business sense. Thirty-three percent of customers who abandoned a business relationship last year did so because personalization was lacking.3 Retaining those customers with personalized experiences would generate a significant revenue boost. Companies have a tremendous opportunity to distinguish themselves with a more personal touch. Today, only 22 percent of global customers acknowledge that the companies with which they do business tailor their experiences based on a deep understanding of their needs, preferences and past interactions.4 Leaders of forward-thinking companies are making their move. They know that as customer expectations evolve, so must the experiences that their companies deliver. In fact, 73 percent of CEOs acknowledge the need for products, services and experiences that are more meaningful to their customers.5 Some of them are already preparing for next- generation personalization. We call it hyper-relevance. of CEOs acknowledge the need for products, services and experiences that are more meaningful to their customers. IS ON THE PERSONALIZATION MOVE INTELLIGENT
  • 5. 5 | Put Your Trust in Hyper-Relevance Personalization today is often static and time- lagged, delivered at the point of purchase and in response to certain customer behaviors. Hyper- relevance—like today’s digital consumers—is “always on.” It is much more dynamic, constantly changing and always available. Rather than focusing solely on customers’ purchasing behaviors and preferences or relatively fixed attributes, such as their address or number of children, companies that offer hyper-relevant experiences focus on understanding customers’ needs in a given circumstance and the evolving context in which they make their purchase decisions. Predictive analytics, artificial intelligence (AI) and machine learning manifested through devices such as digital assistants are all contributing to the shift to hyper-relevance. They make it possible for companies to achieve new levels of insight. Digital advances also enable new services and touch points that respond and evolve in real-time to a customer’s changing circumstances. HELLO, HYPER-RELEVANCE
  • 6. 6 | Put Your Trust in Hyper-Relevance To deliver hyper-relevant services and experiences at speed and at scale, companies need two things: Data about their customers Because the design of hyper-relevant experiences is based on a deep understanding of individual customers’ motivations and contexts, traditional data gathered from website visits, social media posts or previous purchasing histories is no longer sufficient. What’s needed is information that is much more personal in nature. Real- time health data transmitted via wearable biometric technologies is one example. The good news is that customers are no longer surprised by companies’ interest in their lives. Nearly one third of consumers expect the companies with which they engage to know more about them.6 And two-thirds are willing to share personal information with companies. But there’s a catch. They will only do so in exchange for some perceived value.7 If that value exchange—or the trust upon which it is based—is broken, customers will walk. Trust of their customers Securing trust is a prerequisite to achieving the promise of intelligent personalization. It is built up over a series of interactions. Yet, it can be shattered in seconds. Companies must counter that risk by constantly presenting themselves as trustworthy, keeping their promises and upholding their end of the value exchange agreement. THE RELEVANCE COIN TWOSIDESOF
  • 7. 7 | Put Your Trust in Hyper-Relevance As the number of interactions companies have with customers goes up, and as machines and digital assistants play a larger role in capturing data and delivering services, there’s a greater chance that something will happen to cause trust to erode. Leading companies are taking preventive action by updating their data privacy and security practices. Regulatory agencies and governments around the world have also taken notice and are stepping in to ensure that companies adhere to proper safeguards (see sidebar on page 8). Consumers have taken notice, too: Companies that heed their customers’ concerns and shore up their trust quotient are more likely to persuade customers to share personal information. That, in turn, helps to inform the design of game- changing hyper-relevant experiences. believe it is important for companies to safeguard the privacy of their information.8 find not being able to trust a company with the personal information that’s been provided to be a top source of frustration.9 would switch half or more of their spending to a provider that excels at personalizing experiences without compromising trust.10
  • 8. 8 | Put Your Trust in Hyper-Relevance8 | Put Your Trust in Hyper-Relevance In the aftermath of a data breach at credit reporting agency Equifax—which put personal data of 145 million consumers at risk—the US Congress is considering multiple bills that would require companies to be more transparent about security issues, notify customers of data breaches within 30 days, and freeze consumers’ accounts to make it more difficult for hackers to use stolen financial information.11 And on May 25, 2018, the European Union will officially enforce the EU General Data Protection Regulation (GDPR). This legislation strengthens data protections by empowering EU citizens to decide which brands can use their personal data and for what reasons. Penalties will be steep for those companies that fail to comply.12 Some business leaders will begrudgingly comply with government or regulatory directives. Others, however, view these actions as an opportunity to prove their commitment to data stewardship. They will use new rules to rethink their customer experiences and build a level of digital trust that will set them apart in a market hurtling toward hyper-relevance. CONTROL CONSUMERS IN
  • 9. 9 | Put Your Trust in Hyper-Relevance Companies that win in the era of relevance not only maintain, but grow the returns on their investments in products, services and customer experiences. That’s because they are able to continually change their experiences to keep pace with the “non-constants” and changing circumstances of consumers’ lives. CAPTURING THE VALUEOF HYPER-RELEVANCE
  • 10. 10 | Put Your Trust in Hyper-Relevance 1 2 3 Look beyond the traditional customer journey Companies that distinguish themselves with hyper-relevant experiences look beyond the traditional customer journey. They identify and prioritize those areas where hyper-relevance can deliver added value and quickly address the unexpected. What can we offer once we realize our customer has missed her flight? Received a job promotion? Been forced to flee a hurricane? In these situations, customers need different things and relevance becomes supremely important. Rethink data Hyper-relevant companies don’t rely solely on descriptive analytics or traditional sources of information. They invest in predictive analytics, collaborate with an ecosystem of stakeholders to capture real-time snapshots of every consumer, and mine data in new ways to understand the customer journey that extends beyond core products and services and across channels. In addition, hyper-relevant companies redouble their data security efforts. They ensure customers have full control of their data across touch points. They eliminate duplicate requests for customer information and permissions. And they make sure all customer data is secure and visible to employees on a need-to-know basis. Earn trust continuously Trust must be a key consideration when designing hyper-relevant experiences, creating new customer value propositions, and serving as a critical resource when customers need them most. A company’s commitment to delivering the experiences that were promised and meeting customers’ expectations is paramount. Hyper-relevant companies understand their baseline level of trust, and eliminate issues or irrelevant offers that detract from the trust quotient. They make trust sustainable by establishing a rigorous process and a robust, cross-functional governance structure to continuously measure trust and hyper-relevant effectiveness—and act on their findings. Most importantly, they manage trust as the critical growth enabler it is. TO PIVOT TO HYPER-RELEVANCE WE RECOMMEND COMPANIES DOTHREETHINGS:
  • 11. 11 | Put Your Trust in Hyper-Relevance In their pursuit of loyalty and growth, companies have pivoted from one-size-fits-all customer experiences to more personalized offerings and services. Now, leaders are going one step farther. They are using new data in new ways to achieve hyper-relevance. Along the way, they are finding that the digital trust consumers place in companies is as critical as the data itself. CONTROL GROWTH BY CONTROLLING TRUST 11 | Put Your Trust in Hyper-Relevance
  • 12. CONTACT THE AUTHORS Robert Wollan robert.e.wollan@accenture.com Minneapolis, MN, USA Rachel Barton rachel.e.barton@accenture.com London, United Kingdom Masataka Ishikawa masataka.ishikawa@accenture.com Tokyo, Japan Kevin Quiring kevin.n.quiring@accenture.com Minneapolis, MN, USA JOIN THE CONVERSATION @AccentureStrat www.linkedin.com/company/accenture-strategy
  • 13. NOTES Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. This document makes descriptive reference to trademarks that may be owned by others. The use of such trademarks herein is not an assertion of ownership of such trademarks by Accenture and is not intended to represent or imply the existence of an association between Accenture and the lawful owners of such trademarks. ABOUT THE RESEARCH In 2017, Accenture Strategy once again conducted its Global Consumer Pulse research to gain an understanding of global consumers’ preferences, beliefs and behaviors. The goal was to identify how consumer sentiment is evolving – and how companies can capitalize on that evolution to achieve new levels of growth. Our Internet survey of 24,877 end consumers in 33 countries was conducted between June 1 and July 30, 2017. Respondents were asked to evaluate 11 industry sectors (up to four industries per respondent). ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 425,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. ABOUT ACCENTURE STRATEGY Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise-wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership helps drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy. 1 Justin Bariso, “A Tesla Driver Asked for Help to Outrun Hurricane Irma. Here’s How the Company Delivered,” Inc., September 11, 2017. (Note: All Tesla Model S 60 batteries were designed with 75 kWh battery capacity. But many owners opted to use just 60 kw, which brought the purchase price of the car down by thousands of dollars. Tesla no longer produces its dual-range battery vehicles since it found that most customers were willing to pay more for the additional power.) 2 Accenture Strategy 2017 Global Consumer Pulse Research. 3 Ibid. 4 Ibid. 5 Accenture, C-Level Vitality Survey, 2017. 6 Accenture Strategy 2017 Global Consumer Pulse Research. 7 Accenture, Digital Trust in the IoT Era, 2015. 8 Accenture Strategy 2017 Global Consumer Pulse Research. 9 Ibid. 10 Ibid. (Q501, based on respondents that rated personalization with trust factor highest) 11 Laura Hautala, “Equifax hack may shake up US consumer data laws,” CNET, October 20, 2017. 12 http://www.eugdpr.org/