VRM + CRM Part2 The VRM Strikes Back

From IIW

Session Topic: CRM/VRM Framework PArt II

Wednesday 4F

Convener: Nitin

Notes-taker: Christopher Arnold

Discussion notes, key understandings, outstanding questions, observations, and, if appropriate to this discussion: action items, next steps:

Define CRM engagement into VRM instead of leaving them to figure it out themselves. Consulting firms are engaging (CapGemini et al) Need a tear sheet discussion guide for the industry. Key talking points. What does their world look like? (Consultants)

Dave What we want to say to companies is, “No matter who you are, you’re not the one who knows the most about your customers. And you’re not the one that the customer trusts most.”

Ajay Cap Gemini defines difference between CRM and VRM. But they don’t point out why it matters.

Dean See how the money is made and saved by having VRM in the equation. Consultants need to profit from telling the story.

…$16.5 Billion in customer defined transactions from the UK perspective…

Nittin To build our deliverable, we need to rationalize what we know. Gartner talks about magic quadrant. Forrester calls it a wave. Preso: The Forrester Wave (TM): Listening Platforms, Q1 2009 People see these as a stake in the ground. These guys advise the enterprise buyers. Going down to the weighting of strategies breakdown of different players in the space. Their ranking is interesting.

Sean We’re in the category business though. Let those guys do the ranking. That’s not our interest.

Marc We need to give them “Executive Convincing Units” that will help management make decisions.

Nittin TSIA has two shows a year that did 50% of the business we generated at their events.

Ajay Features aren’t defined in VRM because the structure can’t be defined until there is more data.

…We explain what some of these capabilities are…

Sean Gartner and Forrester are interviewing CEOs to. We want them instead telling them what they should be thinking in the space.

Nittin Let’s start our own grid. What are the necessary criteria? Customer Empowerment, Market Makers, Company Enablement. Then lay the companies across it. Qredo, Priceline, Uber, Thumbtack etc. Graphs: standard maturity model. Graph: Radar Chart model for each company in the analysis

Dave Some companies need to be defined at VRM (even if they don’t claim it) Provide the complexity so they can.

Sean And we need to claim certain companies that don’t claim the identities.

Nittin Consultants like to be able to say “You’ve got a new market to chase.”

TRob Priceline does something with companies that provide APIs. Uber is actually creating the market. What about quantified self opportunities? Who is the authoritative source?

Doc Customer Commons might do it. We don’t have the money and the labor though.

Nittin I like the idea of TSIA. At RightNow Technology we would get RFPs come in. TSIA, being neutral, defined that difference in speciality of the different players.

Marc We should talk to companies in the space who have the ability to expand into VRM space.

Sean Help companies understand where the gaps in the market are for key players that could fill it.

Marc You can plot companies in the 3x3

Nittin I want to have a VRM brain dump.

Dave We need to break out IoT, Sharing Economy and Quantified Self opportunities. Companies that fall in, we can then rate them by the capability maturity model. We can define what is goodness in this world.

Marc There are three basic roles.

TRob Companies tend to build only for the context of their specific service. But there needs to be machine-readable format of the API they’d give. Not the app they’d build.

Nittin People can build VRM on their own. But where do they go to understand their missing links?

Dave A company can’t be a market maker if the requirement is that it extends across multiple parties.

TRob People tend to limit their thinking to what an app can do, when it’s the API they’re supposed to carry about. CapGemini tells companies to build apps to capture the concept. But they’ll miss major points.

Doc CapGemini fidelity was pretty high.

TRob We want to sell them into a market they can enter into, not a specific service they need to build.

Nittin We’ll get to those points of opportunity/clarity

TRob There needs to be an authority to check against.

… Ad platform dollars can go into an experience model… If there is shared value created in the ecosphere, there could be 1-100 characteristics. When we talk to major institutions, they’re relieved that they don’t have to build something.

Dave Just enabling inter-connectedness.

Ajay You’re going to see a lot of apps to solve specific problems when what you need is a platform.

Nathan There are over 100 companies right? Why don’t we use those to extract attributes?

Nittin Let’s start with a best effort, then push it out to the companies on the list.

Marc What about a legal framework?

Sean VRM happens when certain rights are observed.

Shared Document for Editing http://bit.ly/vrmGrid