The mobile phone industry has grown at a phenomenal rate. According to Ofcom, over 93% of the UK population now own a mobile phone and there are 89.9 million subscriptions. This yields an annual turnover of over £15 billion and a vibrant, healthy market.
But the National Mobile Phone Report 2015 by ctrlio shows another side to the story. 92% of UK pay monthly customers are on the wrong contract for their needs and are collectively overspending £6.2 billion a year. This is the highest national wastage figure since mobile phones were introduced.
A wake-up call
This is a wake-up call for consumers. Ctrlio’s study shows that when consumers are armed with their personal data and a tool to use it, they could save an average £162.31 a year. Those who estimated their usage saved 50% of their spend and those who logged in to analyse their actual monthly bills, saved a further 11% on top of that.
This is also a wake-up call for mobile operators. ctrlio’s Fair Data Index ranks mobile operators on the ease with which customers can retrieve their mobile bills. Operators who rank best on the Fair Data Index have the highest proportion of their customers on the right contracts, i.e. wasting the least. Moreover, these operators have also seen the highest levels of consumers switching to them.
This validates two points made many times by Ctrl-Shift positions: consumers who use their personal data can save money, and brands that play fairly with personal data can gain a competitive edge and be the new winners.
The Intention Economy: Next generation marketing
The future of personal data and digital marketing requires systems that allow those armed with their information to find the best offers from brands and vice-versa.
Current marketing systems are fabulously sophisticated and yet fundamentally inefficient precisely because they guess at individual consumer needs.
Intention marketing systems will enable people who are armed with their personal data to share relevant bits with the brands they trust, when it suits them. Done properly, intention marketing will solve some fundamental problems that have arisen; misuse of personal data, privacy breaches, the rise of ad blocking and the terminal decline in digital marketing performance. Intention marketing allows customers to instigate a Consumer-to-Business (C2B) pull model in place of the current Business-to-Consumer (B2C) speculative push model. Thereby exchanging costly and inefficient blanket advertising model with targeted communication where demand requests supply.
ctrlio has developed one of the inaugural intention marketing platforms. ctrlio’s first application enables customers to show their mobile needs to operators to get custom offers on best-fit deals. Brands benefit from real data that they can act upon at the right times. Customers benefit from better deals without spam or loss of privacy.
Intention marketing is the future of digital marketing and advertising, and it’s arrived. Ctrl-Shift has been right to promote its benefits to the new digital economy. ctrlio is working closely with hungry new players in the mobile market to use personal data powered apps to address the £6.2 million national wastage opportunity, save consumers money and acquire new customers. The opportunity is big, it’s now and mobile telecommunications companies need to be ready.
Article originally published on CTRL Shift.